Exclusive: Toronto group bidding on Bills allowed to submit higher first bid, and must provide greater assurance it would not relocate team, sources say
The Bon Jovi/Toronto group seeking to buy the Buffalo Bills has been allowed a first-bid do-over.
In one of a bundle of surprising new developments in this melodrama, Sun Media has learned the Toronto trio is expected on Tuesday to resubmit a higher, non-binding initial bid for the Bills — probably between $1 billion and $1.1 billion.
The group also has been asked to submit greater assurances it plans to keep the Bills long-term in the Buffalo area.
Sources have told Sun Media the Bon Jovi/Toronto group’s first bid actually was rejected last week by Morgan Stanley, the investment bank conducting the sale of the NFL club for the trust of Ralph Wilson.
Until or unless they resubmit, they are out.
The reasons? The Toronto group’s bid was uncompetitively low and, perhaps as damningly, too much doubt existed within the trust, Morgan Stanley and that duo’s law firm regarding the group’s newly adopted intention to keep the NFL team in Western New York, sources say....
The Bon Jovi/Toronto group seeking to buy the Buffalo Bills has been allowed a first-bid do-over.
In one of a bundle of surprising new developments in this melodrama, Sun Media has learned the Toronto trio is expected on Tuesday to resubmit a higher, non-binding initial bid for the Bills — probably between $1 billion and $1.1 billion.
The group also has been asked to submit greater assurances it plans to keep the Bills long-term in the Buffalo area.
Sources have told Sun Media the Bon Jovi/Toronto group’s first bid actually was rejected last week by Morgan Stanley, the investment bank conducting the sale of the NFL club for the trust of Ralph Wilson.
Until or unless they resubmit, they are out.
The reasons? The Toronto group’s bid was uncompetitively low and, perhaps as damningly, too much doubt existed within the trust, Morgan Stanley and that duo’s law firm regarding the group’s newly adopted intention to keep the NFL team in Western New York, sources say....
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