The Bon Jovi/Toronto group that is seeking ownership of the Buffalo Bills had its first bid rejected last week, according to the Toronto Sun. But they will be allowed to resubmit a higher, non-binding initial bid.
The bid will reportedly be somewhere between $1 billion and $1.1 billion, as the first one was rejected for being “uncompetitively low.”
It was rejected last week by Morgan Stanley, the investment bank in charge of handling the sale of the Bills for the trust of Ralph Wilson. Not only was the bid too low, but the bank also reportedly had an issue with the group’s future plans for the team, and asked for a stronger commitment with plans to keep the Bills in Western New York long-term.
The Toronto Sun shined some light on how much money the group (fronted by Bon Jovi) may offer for the sale of the team.
While some reports last week said the Bon Jovi/Toronto group had bid $1.2 billion, the amount was considerably less, perhaps under $900 million. Their ultimate bid limit is believed to be somewhere approaching $1.2 billion.
The group will need to up the ante a bit if they want to get the deal done. Buffalo Business First reported that Buffalo Sabres owner Terry Pegula was the top bidder as of last week, with a bid of around $1.3 billion. Pegula is assumed to be the front-runner at the current time.
No matter what the number is, the sale will be record-setting for acquisition of an NFL team. Stephen Ross set the bar high and paid $1.1 billion for ownership of the Dolphins in 2009, and this deal will likely top that.
Hopefully Bon Jovi won’t attempt another letter to the fans to “clarify the group’s intentions.” That ended up being a fail of epic proportions, and certainly has not helped draw support from the fans.