Accordign to John Kryk of the Toronto Sun, the Bon Jovi/Toronto group bidding to purchase the Buffalo Bills has been permitted to submit a “do-over” bid.
Sources told Kryk that the group is expected to submit a higher bid on Tuesday, and that, perhaps most importantly, the group has been asked to offer “greater assurances” to keep the Bills in Buffalo.
- Kryk adds that the group’s initial bid was rejected last week by Morgan Stanley-the bank conducting the sale for the Ralph Wilson Trust.
- If Morgan Stanley deems the “do-over” bid insufficient either monetarily or due to its non-relocation assurances, the bid will be dead.
- If the bid is accepted, it will place the group into the list of final candidates.
Kryk’s article discusses the air-tight lease of Ralph Wilson Stadium, which runs through 2022 and carries a $28.4 million penalty should an owner exercise an out-clause in 2020.
A non-relocation agreement accompanies the lease, prohibiting the team from being sold to an owner “who, to the Bills’ knowledge, has an intention to relocate, transfer or otherwise move the team” before 2023.
The effect of allowing the Bon Jovi Toronto group to re-submit a bid, coupled with the legal documents already in place, shows that relocation out of western New York is truly a deal-breaker.
It appears that the Bills are likely to stay in Buffalo, at least through the current lease term.