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As of right now the three groups that I have confirmed with sources as having submitted bids for the Buffalo Bills have offered less than $1 billion for the NFL team.
Donald Trump has offered in the mid-$800 million territory, and Terry Pegula and Bon Jovi have both offered well under $1 billion, according to sources familiar withe the bids.
What an embarrassment for the NFL and the investment bank hired by the estate of the late Ralph Wilson to sell the football team. After all, the last small-market NFL team to change hands, the Cleveland Browns, went for $987 million–over two years ago!
Morgan Stanley has butchered the sales process and shame on the NFL for handing the inexperienced sports banker (lone sports sale: Maple Leaf Sports & Entertainment) the deal. The bank is now clearly in panic mode. After only three candidates out of over 60 to submit non-disclosure agreements to Morgan Stanley submitted non-binding initial bids by the July 29 deadline, it extended the deadline.
Some reports now have Tom Golisano submitting a bid. Maybe he has. But there were also previous reports of how Pegula had offered $1.3 billion for the Bills, which was false. And then Al Michaels said on national television that Trump told him he had offered $1 billion for the team–also false. And there was my criminal-like prediction that the Bon Jovi group, which includes MLS&E owners Larry Tanenbaum and the Rogers family, would offer $1.2 billion (though my readers were at least the first to know that the Bills revenue and operating income were $250 million and $38 million, respectively, last season).
NFL commissioner Roger Goodell better get a handle on this thing before it gets even worse.
http://www.forbes.com/sites/mikeozanian/2014/08/10/all-offers-for-buffalo-bills-below-1-billion/
Donald Trump has offered in the mid-$800 million territory, and Terry Pegula and Bon Jovi have both offered well under $1 billion, according to sources familiar withe the bids.
What an embarrassment for the NFL and the investment bank hired by the estate of the late Ralph Wilson to sell the football team. After all, the last small-market NFL team to change hands, the Cleveland Browns, went for $987 million–over two years ago!
Morgan Stanley has butchered the sales process and shame on the NFL for handing the inexperienced sports banker (lone sports sale: Maple Leaf Sports & Entertainment) the deal. The bank is now clearly in panic mode. After only three candidates out of over 60 to submit non-disclosure agreements to Morgan Stanley submitted non-binding initial bids by the July 29 deadline, it extended the deadline.
Some reports now have Tom Golisano submitting a bid. Maybe he has. But there were also previous reports of how Pegula had offered $1.3 billion for the Bills, which was false. And then Al Michaels said on national television that Trump told him he had offered $1 billion for the team–also false. And there was my criminal-like prediction that the Bon Jovi group, which includes MLS&E owners Larry Tanenbaum and the Rogers family, would offer $1.2 billion (though my readers were at least the first to know that the Bills revenue and operating income were $250 million and $38 million, respectively, last season).
NFL commissioner Roger Goodell better get a handle on this thing before it gets even worse.
http://www.forbes.com/sites/mikeozanian/2014/08/10/all-offers-for-buffalo-bills-below-1-billion/
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