Stick a fork in Jon Bon Bye Bye

[WagonCircler]

This article explains the dagger that killed Bon Jovi and Toronto's dreams, and that dagger belongs to Terry Pegula.

The group as constituted with Bon Jovi in the lead probably is limited financially by the amount of cash the rocker can pull together to meet the 30% controlling-owner threshold the NFL demands.

Sources say he is worth close to $500 million. To illustrate his predicament, let’s say the final sale price is $1.2 billion. After the group maxes out the NFL’s financing limit of $200 million, Bon Jovi would alone have to contribute $300 million in cash to meet the 30% principal-ownership threshold — more than 60% of his net worth, an extraordinarily high number in such a sale.

More:

http://blogs.canoe.ca/krykslants/nfl/bidding-war-what-bidding-war-if-reports-of-pegulas-first-bid-are-true-toronto-group-cant-match-it-sources/

Suck it, Toronto.

[trapezeus]

also, other reports say he's only at $300MM. amazing that roundingup to $500MM isn't seen as excessively generous.

and wow, he's made $300MM off of one classic album and a bad acting career? sign me up for that gig.

[kscdogbillsfan1221]

i think our new hall of fame wide receiver andre reed said it best.

'F*** Bon Jovi'

[JoeMama]

Every proposal has its thorns.

And every Bills fan sings a glad, glad song.

Sayonara, Bon Jovi. It's not the 1980s anymore and I hope I never see your name in the news ever again.

[kscdogbillsfan1221]

Every proposal has its thorns.

And every Bills fan sings a glad, glad song.

Sayonara, Bon Jovi. It's not the 1980s anymore and I hope I never see your name in the news ever again.

i believe the song you are referencing is by poison, and not bon jovi. but either way, close enough

[Historian]

ESAD, JBJ!

Stick to following the Irish, and writing ****ty songs.

[OpIv37]

Question: what is the net worth of Rogers or Tannenbaum? Couldn't they just flip it and make Rogers the 30% principal owner instead of Bon Jovi?

Also, if that's not possible, does Pegula automatically win or do they re-open the bidding process and try to attract more bids?

[stuckincincy]

Question: what is the net worth of Rogers or Tannenbaum? Couldn't they just flip it and make Rogers the 30% principal owner instead of Bon Jovi?

Also, if that's not possible, does Pegula automatically win or do they re-open the bidding process and try to attract more bids?

Off-topic, OpI, but didn't there used to be an NFL rule about one owner being restricted from owning two major league franchises in the same town?

[WagonCircler]

Off-topic, OpI, but didn't there used to be an NFL rule about one owner being restricted from owning two major league franchises in the same town?

It's the opposite, actually. It's the only way you can owner another franchise (an NFL rule).

[JoeMama]

i believe the song you are referencing is by poison, and not bon jovi. but either way, close enough

What??? They're different bands???

I'm a 90s kid. All those hair bands are interchangeable in my book. You can see how limited my knowledge of the genre is.

But at least I didn't quote Stryper lyrics.

[WagonCircler]

Question: what is the net worth of Rogers or Tannenbaum? Couldn't they just flip it and make Rogers the 30% principal owner instead of Bon Jovi?

Also, if that's not possible, does Pegula automatically win or do they re-open the bidding process and try to attract more bids?

It has been extensively reported the Jon Bon Blowme would not be interested in any situation the does not involve him as principal owner. So he would back out. And neither Tannenbaum not Rogers have the personal liquidity to make that bid happen. Neither of them as individuals would meet the minimum requirement on their own.

- - - Updated - - -


What? They're different bands???

It's actually a badge of honor NOT to know the difference, I think.

[JoeMama]

It's actually a badge of honor NOT to know the difference, I think.

http://i138.photobucket.com/albums/q263/JoeMama025/lol-049_zps4f70f6de.gif (http://s138.photobucket.com/user/JoeMama025/media/lol-049_zps4f70f6de.gif.html)

"You must spread some Reputation around before giving it to WagonCircler again."

[Ed]

It's the opposite, actually. It's the only way you can owner another franchise (an NFL rule).
I believe you can own an NFL team and still own another pro sports franchise in a different city, as long as that city does not have an NFL team. So an NFL owner could buy the Portland Trailblazers or OKC Thunder for example since there's no competing NFL team in those markets.

[WagonCircler]

I believe you can own an NFL team and still own another pro sports franchise in a different city, as long as that city does not have an NFL team. So an NFL owner could buy the Portland Trailblazers or OKC Thunder for example since there's no competing NFL team in those markets.

What would be the point of that rule?

I know there was much talk about Jeremy Jacobs having to divest himself of the Bruins had he decided to make a bid for the Bills. I realize that Boston (metro Boston) has an NFL team, so it's not the exact same situation, but I'm not sure how that would make a practical difference.

[Ginger Vitis]

So Fletch googles for Bills news everyday. H e has no links to post today all the news coming out of Toronto suggests the MLSE/Bon Jovi group are cooked

[BLeonard]

Question: what is the net worth of Rogers or Tannenbaum? Couldn't they just flip it and make Rogers the 30% principal owner instead of Bon Jovi?

From what I have read and understand, no... The principal owner has to be a single person... Rogers is a corporation. Corporations cannot be principal owners (proving that, at least in the NFL's eyes that corporations are not people, but that's a different topic for a different section).



Also, if that's not possible, does Pegula automatically win or do they re-open the bidding process and try to attract more bids?

The bids submitted earlier this week were non-binding, so there will eventually (likely within the next 2 weeks) be official, binding bids. The main question is, can a person (or group) that did not submit a bid earlier this week end up submitting one now, or whenever the binding bids are due...? Golisano seems to think that he'll still be able to, even though he apparently didn't meet the deadline for submitting the non-binding bid...

The short answer is, no, Pegula does not "automatically win," as the submitted bids were not binding. But, there were (apparently) only three non-binding bids submitted, which was believed to be a required step in order to submit a binding bid when that time comes.

-Bill

[Ed]

What would be the point of that rule?

I know there was much talk about Jeremy Jacobs having to divest himself of the Bruins had he decided to make a bid for the Bills. I realize that Boston (metro Boston) has an NFL team, so it's not the exact same situation, but I'm not sure how that would make a practical difference.
I really don't know any details about why they make the rules they do, but I assume that since the NFL operates as one business they probably see it as a conflict of interest to have an owner buy a franchise that directly competes for fans/money with another owner in the same market. The strength of the NFL is that its owners do a good job of working together and sharing profits to protect the overall health of the league. But then you have situations like the Kroenke's where the Dad owns the Rams, but made his son the owner of the Denver Nuggets and Avs to get around that rule.

[stuckincincy]

I believe you can own an NFL team and still own another pro sports franchise in a different city, as long as that city does not have an NFL team. So an NFL owner could buy the Portland Trailblazers or OKC Thunder for example since there's no competing NFL team in those markets.

I recall the DeBartolos owning both the 49rs and the Pgh Penguins - the Steelers are there, of course. IIRC, the old man, Family Member Eddie, purchased both clubs and gave the Niners to his son, thus avoiding the rules at the time.

[WagonCircler]

I really don't know any details about why they make the rules they do, but I assume that since the NFL operates as one business they probably see it as a conflict of interest to have an owner buy a franchise that directly competes for fans/money with another owner in the same market. The strength of the NFL is that its owners do a good job of working together and sharing profits to protect the overall health of the league. But then you have situations like the Kroenke's where the Dad owns the Rams, but made his son the owner of the Denver Nuggets and Avs to get around that rule.

Well, either way, I think we're safe with Terry P.

[Ed]

Well, either way, I think we're safe with Terry P.
Yeah, no issues with Pegula since it's all the same market.

[swiper]

Just posted:


Tim Graham @ByTimGraham (https://twitter.com/ByTimGraham)
Two sources deeply plugged into the Bills sale process have told me every bid number that has been reported so far is wrong.

[trapezeus]

which way is it wrong, timmy?

i hope to god this doesn't mean that pegula under bid, and jbj's group is in the lead. that would be a catastrophic kick to the sack

[swiper]

Apparently the Toronto group only offered b/t $800 and $900 million. And I'm reading that Pegula's bid has also been overstated.

[stuckincincy]

which way is it wrong, timmy?

i hope to god this doesn't mean that pegula under bid, and jbj's group is in the lead. that would be a catastrophic kick to the sack

I'm circumspect about words from Graham. Wawrow, too.

[swiper]

I'm circumspect about words from Graham. Wawrow, too.

Don't you need a mohel for that?

[stuckincincy]

Don't you need a mohel for that?

Heh - you only need a sterilized blade.

Kudos to you - few know old words.

[Woodman]

Get'r done Terry!!

and thanks from all of us ... well most of us anyway.

[Fixxxer]

Ouch, some very sad news for some people.........

In Terry we trust.

[kscdogbillsfan1221]

Ouch, some very sad news for some people.........

In Terry we trust.

yea seriously. some of these a-holes only post stuff about the sale when its bad news cuz they are d*** faces

[bob86]

A few observations of this whole sale thing



Morgan Stanley either did a horrible job promoting the auction of the Bills stock or the limitations in the Lease scared off most of the potential bidders. I suspect it is likely a bit of both, but I never would have imagined that a rear wide open sale of an NFL franchise would only interest three possible bidders. Certainly the universe of high-wealth individuals capable and interested in owning a piece of the NFL is not large but it must number several dozen. Of that highly aggressive and egotistical group, only a comb-over clown, a brown nosing washed up hair rocker of the 80’s and a home town rich guy bothered to show any interest in the ultimate vanity business acquisition or in a vastly profitable hobby purchase. That is amazing and also an epic fail on the part of Morgan Stanley, whose main job it is drive up the price by creating a bidding war among as many obscenely rich people as possible. If I am the trust I asking why exacting am I paying Morgan Stanley all those investment banking fees.



Not for nothing, but I wonder what exactly was Mr. Wilson’s estate plan designed to accomplish. From what is publicly known, his estate is simply auctioning off his most expensive assets, such as his artwork and his football team. While such an approach makes his estate liquid it is hard to comprehend how the estate is minimizing its tax liability under Federal and Michigan law. It seems to that Mr. Wilson’s estate will incur tens of millions in tax liabilities it could have avoided or at least delayed by using some very simple and well-known techniques that most high-wealth estates employ. The “Sale Everything” and spilt the money approach to estate planning is most commonly used when there is family discord and the person making the estate plan wants avoid having his family spend years fighting over who gets what. I have no indication that is the case with Mr. Wilson. I know rich people have a lot of strange ideas about what to do with their property when they are gone, but giving extra money to the government is normally not one of them. Just pondering what is going on here.

[Thurmal]

God, I hope all this info is true. Years of Bills fandom has me always expecting a kick straight to the balls, so I'm not going to celebrate anything till the ink dries. Go Bills and go Pegula!!!