What's next in the sale of the Bills?

[Don't Panic]

http://m.torontosun.com/2014/05/23/whats-next-in-bills-sale-process

A billion and a half... wow. That just shortened the list. I think whoever it is will need assurances that there will be tremendous support for a downtown stadium district to compliment a new downtown stadium. I think this one either goes big or goes elsewhere. Time for the Greater Buffalo area to make its move back to relevance and glory.

[YardRat]

Where did the 1.5Bil come from? Didn't see it in the article.

[Yasgur's Farm]

NFL owners preference is for the potential owner to be liquid ~$500M over the sale price.
That's significant because the minimum principal-ownership threshold in the NFL is 30%. So if the Bills sell for, say, exactly $1 billion then that's $300 million. The additional $200-million liquidity requirement means the NFL prefers a principal owner with half a billion in available cash. Not net worth, cash. Minimum.

[coastal]

Living on a prayer

[YardRat]

NFL owners preference is for the potential owner to be liquid ~$500M over the sale price.

Eh, read it again...Principal owner needs $300mil, plus $200mil cash over his/her initial investment...that's $500mil, not $1.5bil.

NFL prefers a principal owner with half a billion in available cash

[Yasgur's Farm]

Gotcha.

[WagonCircler]

Living on a prayer


You are SUCH an *******.

Just because you want to have sex with Bon Jovi doesn't mean he has 1/100th of the cash required to buy the Bills, and the forces at work to keep the team in Buffalo have more money and power than BJ's backers do.

[better days]

According to the Sun article, neither Bon Jovi or the principle person of that Toronto group, Larry Tanenbaum has enough money to buy the Bills.

Golisano & Trump on the other hand both have more than enough money to buy the Bills.

Living on a prayer indeed. Bills fans prayers have been answered.

[Don't Panic]

Eh, read it again...Principal owner needs $300mil, plus $200mil cash over his/her initial investment...that's $500mil, not $1.5bil.

NFL prefers a principal owner with half a billion in available cash


Good eye. I misconstrued that. Point remains the same though... there isn't a long list with a half a billion in cash, which means the need to satisfy the demands of said person will be significant.

[coastal]

According to the Sun article, neither Bon Jovi or the principle person of that Toronto group, Larry Tanenbaum has enough money to buy the Bills.

Golisano & Trump on the other hand both have more than enough money to buy the Bills.

Living on a prayer indeed. Bills fans prayers have been answered.
What I took from the article is that the buyer may not be apparent right now, but it's going to be based on who brings it to the table.

were looking at least a billion $ for the franchise plus half a billion $ of cash on hand.

theres potential buyers out there that will bring that to the table and envision a move of this franchise paramount to their longterm business plan.

the Ralph remodel buys the new owner time to put things into place for a move elsewhere.

Politicians are working right now to formulate a plan that is attractive for the keep em local buyers.

It's a big world out there and there's a lot of money that gives zero ***s about WNY.

[better days]

What I took from the article is that the buyer may not be apparent right now, but it's going to be based on who brings it to the table.

were looking at least a billion $ for the franchise plus half a billion $ of cash on hand.

theres potential buyers out there that will bring that to the table and envision a move of this franchise paramount to their longterm business plan.

the Ralph remodel buys the new owner time to put things into place for a move elsewhere.

Politicians are working right now to formulate a plan that is attractive for the keep em local buyers.

It's a big world out there and there's a lot of money that gives zero ***s about WNY.

And there are a lot of RICH people in WNY that LOVE Buffalo.

Then there is Trump who has said he would keep the Bills in Buffalo.

You are grasping at straws in your hope the Bills move.

Even the Toronto Sun in that article said the Toronto group that wanted to buy the Bills don't have enough money to do so.

[Dr. Who]

And there are a lot of RICH people in WNY that LOVE Buffalo.

Then there is Trump who has said he would keep the Bills in Buffalo.

You are grasping at straws in your hope the Bills move.

Even the Toronto Sun in that article said the Toronto group that wanted to buy the Bills don't have enough money to do so.

Really, don't answer him. He doesn't want an answer. He just wants to be an ass and make other people unhappy. People like that don't deserve the time of day.

[Homegrown]

http://m.torontosun.com/2014/05/23/whats-next-in-bills-sale-process

A billion and a half... wow. That just shortened the list..

that did shorten the list ...the next owner of the Bills might just be the: Catholic Church; the British Royal Monarchy; or a Columbian Drug Cartel

[whkfc]

Pegula has that kinda money. Can someone ask him to do us a solid on this one?

[BertSquirtgum]

I don't know why you guys bother to read anything from these biased a**holes writing toronto sun articles. Go read something with some substance.

[Meathead]

yeah the sun has become the fox news of new bills ownership reporting - just stick to your misinformation narrative until people actually believe it

[better days]

yeah the sun has become the fox news of new bills ownership reporting - just stick to your misinformation narrative until people actually believe it

Well, IMO the fact the Sun acknowledges that the Toronto group does not have enough money to buy the Bills makes that report all the more credible.

EVERYTHING the Sun printed before this article had the Bills moving to Toronto as a done deal.

[coastal]

And there are a lot of RICH people in WNY that LOVE Buffalo.

Then there is Trump who has said he would keep the Bills in Buffalo.

You are grasping at straws in your hope the Bills move.

Even the Toronto Sun in that article said the Toronto group that wanted to buy the Bills don't have enough money to do so.
The article said the firm hired to conduct the sale of the team will actively seek out potential buyers that haven't even come forward yet.

i just don't understand why everyone is so quick to assume the team is staying local.

we are talking about over $1 billion here.

this is about money. big money.... sure New York State is a powerful player here politically, but if someone (not a syndicate) has the will to spend that kind of money... that person is going donwhatever the hell they want with the team.

whatever area can provide the biggest incentive for them to capitalize on that investment gets the team.

That's who wins.

[Dr. Lecter]

Of course they can. But even you have to acknowledge that somebody wanting to move the team has the deck stacked against them.

The lease and non -relocation agreement makes it hard. The need for a new stadium, that they will need to pay for makes it hard.

Certainly it is not certain. but your assumption they are gone is no more accurate, and is likely less likely. Right now the odds are that they will stay. Especially with the group that will review the bids not being committed to just the highest bidder.

[coastal]

Of course they can. But even you have to acknowledge that somebody wanting to move the team has the deck stacked against them.

The lease and non -relocation agreement makes it hard. The need for a new stadium, that they will need to pay for makes it hard.

Certainly it is not certain. but your assumption they are gone is no more accurate, and is likely less likely. Right now the odds are that they will stay. Especially with the group that will review the bids not being committed to just the highest bidder.i don't necessarily believe they are gone but to not accept it as a possibility is just silly.

a billion dollar transaction is about to happen followed by a billion dollar infrastructure deal at some point.

the person writing the billion dollar check at the end of the day is going to have a very large say in what happens in spite of what Schumer or Cuomo bring to the table.

also, I haven't seen one person offer up the question... would it even be fiscally responsible for NYS to heavily assist in funding a billion dollar football stadium for WNY and the new owner?

[Skooby]

The people who buy them must be very wealthy & the guys writing this article are not.

[Dr. Lecter]

i don't necessarily believe they are gone but to not accept it as a possibility is just silly.

a billion dollar transaction is about to happen followed by a billion dollar infrastructure deal at some point.

the person writing the billion dollar check at the end of the day is going to have a very large say in what happens in spite of what Schumer or Cuomo bring to the table.

also, I haven't seen one person offer up the question... would it even be fiscally responsible for NYS to heavily assist in funding a billion dollar football stadium for WNY and the new owner?

The transaction cost is not likely to be quite a billion. And the stadium probably won't be that either (http://prod.static.vikings.clubs.nfl.com/assets/docs/stadium/DES-recent-nfl-stadiums.pdf). With the exception of Jerry Jones stadium built to make him feel better over his lack of penis size and the stadium in NYC, no stadium has cost a billion. So while it certainly won't be cheap, I doubt either is a billion.

And of course the buyer has a lot to say. But, as Cookie pointed out, the team is going to cost a buyer who wants to move the team a lot more due to the relocation fees. The two are not fair comparisons.

The cost to the state is interesting. I doubt the state wants to lose the revenue the Bills bring in (the money spent in state income tax alone is not small, and the sales tax generated by the games and fans is also not small). At some point they would get their ROI. The question is when?

When does the state get its 700-800 million back? That is not easy to answer.

[YardRat]

What I took from the article is that the buyer may not be apparent right now, but it's going to be based on who brings it to the table.

were looking at least a billion $ for the franchise plus half a billion $ of cash on hand.

theres potential buyers out there that will bring that to the table and envision a move of this franchise paramount to their longterm business plan.

the Ralph remodel buys the new owner time to put things into place for a move elsewhere.

Politicians are working right now to formulate a plan that is attractive for the keep em local buyers.

It's a big world out there and there's a lot of money that gives zero ***s about WNY.

No.

They allegedly are looking for a principal owner with $300mil cash to be the majority, which is already included in the estimated purchase price of $1bil. Plus $200 mil in 'cash'...it's still 'only' $500mil.

[coastal]

The transaction cost is not likely to be quite a billion. And the stadium probably won't be that either (http://prod.static.vikings.clubs.nfl.com/assets/docs/stadium/DES-recent-nfl-stadiums.pdf). With the exception of Jerry Jones stadium built to make him feel better over his lack of penis size and the stadium in NYC, no stadium has cost a billion. So while it certainly won't be cheap, I doubt either is a billion.

And of course the buyer has a lot to say. But, as Cookie pointed out, the team is going to cost a buyer who wants to move the team a lot more due to the relocation fees. The two are not fair comparisons.

The cost to the state is interesting. I doubt the state wants to lose the revenue the Bills bring in (the money spent in state income tax alone is not small, and the sales tax generated by the games and fans is also not small). At some point they would get their ROI. The question is when?

When does the state get its 700-800 million back? That is not easy to answer.the ole' ROI reasoning.

don't you think there should be a higher standard for how we spend hundreds of millions of dollars of tax payers monies than just the financial aspect of how much and when we get it back?

Beyond the financial implication which by your admission is difficult to assess, what exactly is it that having an NFL franchise brings to a community? What else could we spend a billion dollars on and what returns might we get from focussing our attention elsewhere?

as a thought... the entire Bethlehem Steel area of the Lake Front and more could be some of the most beautiful property in the entire country. What is it going to take to rehab the area? The longterm thinking... fresh water IS going to be a commodity in the future. I'm thinking investing in being sure we can safely access it and capitalize on it in a responsible way might be worth looking at.

but hey... parking lot alcoholism is important too.

[coastal]

No.

They allegedly are looking for a principal owner with $300mil cash to be the majority, which is already included in the estimated purchase price of $1bil. Plus $200 mil in 'cash'...it's still 'only' $500mil.
Yeah then they have to get financing for the remaining $500 million, no?

the purchase price will be close to or beyond a billion dollars, no?

its a billion dollar transaction.

[Dr. Lecter]

the ole' ROI reasoning.

don't you think there should be a higher standard for how we spend hundreds of millions of dollars of tax payers monies than just the financial aspect of how much and when we get it back?

Beyond the financial implication which by your admission is difficult to assess, what exactly is it that having an NFL franchise brings to a community? What else could we spend a billion dollars on and what returns might we get from focussing our attention elsewhere?

as a thought... the entire Bethlehem Steel area of the Lake Front and more could be some of the most beautiful property in the entire country. What is it going to take to rehab the area? The longterm thinking... fresh water IS going to be a commodity in the future. I'm thinking investing in being sure we can safely access it and capitalize on it in a responsible way might be worth looking at.

but hey... parking lot alcoholism is important too.

I did not say that - all I was pointing out was that financing the stadium is not necessarily pouring money down into hole and watching it disappear. In theory it would be nice if the government did not spend money on corporate welfare. But, if they do, at least spend it on something that has a return and can (at least in theory) generate more money for future projects and endeavors.

As for the Bethlehem Steel are I agree. Something needs to be done. Of course that requires quite a bit of up front costs because of the clean up involved. But that too is not a totally related topic.

[coastal]

As for the Bethlehem Steel are I agree. Something needs to be done. Of course that requires quite a bit of up front costs because of the clean up involved. But that too is not a totally related topic.
Putting a stadium out there... right on the lakefront... would be AWESOME!

[YardRat]

Yeah then they have to get financing for the remaining $500 million, no?

the purchase price will be close to or beyond a billion dollars, no?

its a billion dollar transaction.

Yes, it will be a billion dollar transaction, or close. That certainly isn't equivalent to a billion dollar transaction plus $500mil in cash, which is the comment I was referring to.

[Skooby]

There's a time cost value of money as well that has to be recognized, 7 years of money sitting still means $500 Million = $1 Billion on the rule of 7 (doubling your money every 7 years).

[cookie G]

the ole' ROI reasoning.

don't you think there should be a higher standard for how we spend hundreds of millions of dollars of tax payers monies than just the financial aspect of how much and when we get it back?

Beyond the financial implication which by your admission is difficult to assess, what exactly is it that having an NFL franchise brings to a community? What else could we spend a billion dollars on and what returns might we get from focussing our attention elsewhere?

That's a fair question..something that has been asked over and over again. And I think it depends on the community.

For places like San Diego and LA, I think the NFL needs them far more than LA or SD needs the NFL. They have other things to offer, and I don't know if NFL football is as much of a priority as it is in Buffalo. The same with Toronto (a big, big mistake moving any thing NFL related there)...

Buffalo is more of a college city, pulling the Bills out of Buffalo would be more akin to pulling the Longhorns out of Austin. It will have far more of an effect on the community.

And I think the idea of whether the money can be spent better elsewhere is a very valid question. Would 500 million to 1 billion be better spent in developing the Biotech area of Buffalo? If you are able to lure companies in, you are providing not just jobs, but well paying jobs, where people will become homeowners, pay real estate taxes, etc. Would it prevent the educational drain that Buffalo has experienced, where graduates end up leaving the area to find career jobs? I don't know. I'm not a community planner and my message board research doesn't provide sufficient information to answer it. But I think those are good questions.






as a thought... the entire Bethlehem Steel area of the Lake Front and more could be some of the most beautiful property in the entire country. What is it going to take to rehab the area? The longterm thinking... fresh water IS going to be a commodity in the future. I'm thinking investing in being sure we can safely access it and capitalize on it in a responsible way might be worth looking at.

but hey... parking lot alcoholism is important too.

All I can say to this is no, no, no and hell no.

You have 100 years of toxic chemicals dumped into the ground of that land..and you want to put a people concentrated structure on top of it?

Man, its going to cost enough to build a stadium without having to dredge up 1600 acres of toxic sludge .

[coastal]

Man, its going to cost enough to build a stadium without having to dredge up 1600 acres of toxic sludge .
Which is kind of my point. Look what happened when we just allowed Bethlehem Steel to run rough shod over what should be a jewel of the Great Lakes. The entire stretch of property from the Ford Stamping Plant to the head of the Niagara, save for a marina or an abandoned grain mill or two is basically worthless because of the cost to rehab the area. We did that because the immediate return was having a primary role in the industrialization of the country.

Now investing in a new stadium isn't going to mean killing an ecosystem or destroying the environment for generations... but what are the possibilities we aren't considering. You bring up a very good one.... biotech... jobs...

And dont get get me wrong, I do understand the Bills are much more entrenched into the community than other sports teams are in larger cities, but the question still begs.... at what cost and what value... not just money.

as a community... society... species... we need to be more thoughtful in our decisions.

[Historian]

Which is kind of my point. Look what happened when we just allowed Bethlehem Steel to run rough shod over what should be a jewel of the Great Lakes. The entire stretch of property from the Ford Stamping Plant to the head of the Niagara, save for a marina or an abandoned grain mill or two is basically worthless because of the cost to rehab the area. We did that because the immediate return was having a primary role in the industrialization of the country.



It's my feeling that the cleaning up of the Bethlehem site is going to have to be dealt with at some point. I prefer it be sooner than later.

What bothers me is the slum that surrounds it. Much of Lackawana is just as bad, run down houses, etc. (The only people that seem to be moving there are the muslims, hence the Lackawanna 7) What do you do with them? Is it even legal to move them under eminent domain?

A stadium there would go a long ways to connecting the city with the south towns...Hamburg Beach, Blasdell, Lakeview, Derby, all the way down to Evangola.

The "face" of the city would be forever "lifted".