Bid Deadline lifted, Golisano to bid

[swiper]

Adam Benigni (https://twitter.com/AdamBenigni)✔ @AdamBenigni (https://twitter.com/AdamBenigni)

In reference to @nypost (https://twitter.com/nypost) report, source told me to expect bid from Golisano since last week. Process remains open with deadline lifted. @wgrz (https://twitter.com/WGRZ)


Billionaire Tom Golisano, a three-time candidate for the New York statehouse, is about to enter the race to buy the Buffalo Bills, The Post has learned.The 72-year-old founder of Paychex plans to make an offer early next week, two sources close to the situation said.

Golisano, the former owner of the Buffalo Sabres, would be the fourth bidder for the NFL franchise — which is expected to set a league sales price record at north of $1.2 billion.

The estate of the late Bills owner Ralph Wilson Jr. wants to create more competition and will welcome a Golisano bid even though it will arrive up to six days after the deadline, sources said.

Golisano has long been interested in sports and athletes.

A former resident of suburban Rochester, NY, about 80 miles east of Buffalo, Golisano, who now lives in Naples, Fla., in June announced his engagement to 40-year-old tennis superstar Monica Seles.

Golisano also bid unsuccessfully in 2012 for the Los Angeles Dodgers.

http://nypost.com/2014/08/01/billionaire-tom-golisano-to-pursue-buffalo-bills/

[Skooby]

This Naples guy sounds like he knows what he's doing.

[BertSquirtgum]

Sounds like he is an ******* and is getting special treatment. The rest of the bidders had no problem putting in a bid when it was supposed to be. What makes this **** face so special?

[THRILLHO]

Sounds like he is an ******* and is getting special treatment. The rest of the bidders had no problem putting in a bid when it was supposed to be. What makes this **** face so special?
I too am curious as how the other bidders feel about this. With bid amounts (alleged bid amounts) being leaked, does Golisano now have an edge?

[WagonCircler]

I too am curious as how the other bidders feel about this. With bid amounts (alleged bid amounts) being leaked, does Golisano now have an edge?

The bids that were made are non-binding. They're just qualifying bids.

There is nothing to be read into this. If you're auctioning something off, you want more bidders and increased competition.

The good news is, the higher thuds goes, the less the chances that Jon Bon Bunghole can come up with the required minimum for a principal owner.

It will come down to Golisano and Pegula.

[BLeonard]

Sounds like he is an ******* and is getting special treatment. The rest of the bidders had no problem putting in a bid when it was supposed to be. What makes this **** face so special?

The article tells you that, IMO: "The estate of the late Bills owner Ralph Wilson Jr. wants to create more competition"

In short, they want their dog and pony show... Golisano just happens to be the one willing to give it to them currently. IMO, it wouldn't have mattered if it were Golisano, a group from LA, a group from London, or a group from Pago Pago... They just want more bidders, presumably to drive up the sale price... But, perhaps an alternative reason, which I'll explain below.


With bid amounts (alleged bid amounts) being leaked, does Golisano now have an edge?

Well, yes and no. Bid wise, probably not... It seems as if the "highest bidder" is all that is taken into account, Golisano can't run with Pegula, assuming Pegula wants to push it out of Golisano's range. The bids are also nonbinding, so I don't see how it can be that much of an edge.

But...

Keep in mind that 2 of the 4 members of the Trust are current employees of the Bills: Mary Owen and Jeff Littman. Now, I'm sure that both are in line for a percentage of the sale price, but pending on how big of a difference there is between bidders, the amount extra that they'd get from the "highest bidder" might not be too much more than the next highest bidder, especially if the lower bidder offers to let them keep their jobs in the Bills Front Office.

So, for example: Let's say Pegula's $1.3 Bid is true. But, with his bid, he offers no guarantee of Owen and/or Littman keeping their jobs as Bills executives.

Then, Golisano comes along and offers $1.2 billion, but also says that, if accepted, Owen and Littman would retain their positions. While there is a $100 million difference in bids, the offer of keeping their jobs (and the salary that those jobs entail) might be more beneficial for Owen and/or Littman to vote in Golisano's favor, even if Pegula's bid is higher.

Remember, 3 of the 4 are needed to approve the buyer. Without at least one of Owen or Littman, no buyer can be approved.

This article gives me even more reason to guess that something along this line will be the case: http://www.pro32.ap.org/article/ap-source-trump-advances-bills-sale-process



The next step is for groups who have been approved to advance is to meet with both Morgan Stanley and members of the estate to obtain the franchise's financial information. Bills President Russ Brandon also is expected to make a presentation to prospective bidders.

Once that is done in the coming weeks, groups will then be asked to submit formal bids. The bidding process is unsealed, meaning Wilson's estate will have the ability to ask groups to increase their bids.


My guess is, having Brandon be a part of the presentation is going to be his best attempted salespitch yet, as it could very well be the salespitch to try and keep his job.

The unsealed process is a big key for me too. Take my above example: Even though Pegula's bid is higher, it might not be high enough to get Owen and Littman's vote, as while it gives them a bit more from the sale, gives them zero job security. so, they can go back to Pegula and say "Hey, offer $1.5 billion and you'll have our vote" (because they'll get more from the sale, thus justifying them losing their jobs).

In short, IMO, the whole "unsealed process" is just another way for the Trust to get their dog and pony show, while also potentially driving up the price of the Franchise, or securing perks for the members of the Trust (like keeping their jobs).

-Bill

[Fletch]

http://nypost.com/2014/08/01/billionaire-tom-golisano-to-pursue-buffalo-bills/

[Mace]

http://nypost.com/2014/08/01/billionaire-tom-golisano-to-pursue-buffalo-bills/

As long as it's cost effective.

[Parzival]

Another bidder who will keep the Bills in Buffalo? Sign me up.

[YardRat]

Merged

[Mace]

I find it hard to be encouraged Golisano jumped in late. He's looking for business cost effectiveness. Go away, this is labor of love.

[feldspar]

I find it hard to be encouraged Golisano jumped in late.

I remember reading a while back that this was likely to be his strategy, so it should come as no surprise.

[Fletch]

Another bidder who will keep the Bills in Buffalo? Sign me up.

Agree

Two weeks ago Golisano was in among the heroes. Now, judging by a couple of posts, all of a sudden he's a persona non grata.

The mentality here is strange sometimes.

[Fletch]

Keep in mind that 2 of the 4 members of the Trust are current employees of the Bills: Mary Owen and Jeff Littman. Now, I'm sure that both are in line for a percentage of the sale price, ...

Not sure that that's a great assumption. Board members and executors of trusts, quite often lawyers, usually get paid a fee or are allowed to charge for their time rather than a percentage of the sale. Think about it, and as you imply, there would be bias and partiality issues if they got paid a percentage.

What should be concerning is that they're allowing other bidders to enter, even if it is Golisano. If the goal of the trust per Wilson's instructions written in the trust was to sell to the high bidder and as a tie-breaker, or if the bid is within a certain range of the highest bid, to then sell to someone that would be more likely to keep the team in Buffalo, then they had a pretty perfect scenario.

By allowing other bidders to join in the process should make everyone wonder what the goal of the trust is. We may never know all the details, but what we do know is that the more bidders there are the less the chance that any single bidder's bid, Pegs' in this case, is the winner.

[BertSquirtgum]

Not sure that that's a great assumption. Board members and executors of trusts, quite often lawyers, usually get paid a fee or are allowed to charge for their time rather than a percentage of the sale. Think about it, and as you imply, there would be bias and partiality issues if they got paid a percentage.

What should be concerning is that they're allowing other bidders to enter, even if it is Golisano. If the goal of the trust per Wilson's instructions written in the trust was to sell to the high bidder and as a tie-breaker, or if the bid is within a certain range of the highest bid, to then sell to someone that would be more likely to keep the team in Buffalo, then they had a pretty perfect scenario.

By allowing other bidders to join in the process should make everyone wonder what the goal of the trust is. We may never know all the details, but what we do know is that the more bidders there are the less the chance that any single bidder's bid, Pegs' in this case, is the winner.

Is Jon bon a**hole paying you to post here?