Update: Jon Bon Jovi’s Toronto Group Bid Close To $1 Billion For Bills

Update:

John Kryk of the Toronto Sun refutes a previous report that mentioned the Toronto group comprised of Larry Tanenbaum, Jon Bon Jovi and Ed Rogers bid just $820 million for the Bills franchise.

According to Kyrk, the Forbes’ report is “Flat. Out. Wrong.”

Instead, the group’s offer is believed to be “between $1 billion and $1.1 billion.” Kyrk admits that the Forbes’ report could be based on the preliminary bids submitted for the franchise

Buffalo Sabres owner Trery Pegula reportedly bid close to $1.3 billion for the team and widely considered to be the favorite to purchase the Bills.

We’ll have more regarding the Bills’ sale as the news is available.

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Mike Ozanian of Forbes.com reported earlier in the day that all three of the nonbinding bids the Buffalo Bills have received from prospective buyers are all under $900 million.

According to Ozanian, the three bidders are:

• Terry Pegula: $890 million.
• Toronto Group (Larry Tanenbaum, Jon Bon Jovi, Ed Rogers): $820 million.
• Donald Trump: $809 million.

Ozanian mentions that the ownership groups were expected to submit binding bids in the next few weeks, but the fact that all of them are reportedly lower then Forbes’ recent projected worth of $935 million could delay the process.

Interestingly enough, Ozanian opines that the Wilson trust should fire Morgan Stanley, who is aiding in the sale of the team, and start the entire process over give that there is no reason why the team must be sold right now.

John Kryk of the Toronto Sun reports that the Toronto-based group is debating whether or not continue their pursuit of the Bills franchise.

According to Kryk, “no one within the group is optimistic they’ll wind up buying the NFL team.”

“They’re hanging on by the skin of their teeth,” one source said. “The bid’s on life support.”

Unless things change in the coming weeks, the overall expectation according to Kyrk’s sources is that the group is likelier to disband than submit a binding bid. 

Pegula has been the clear favorite all along and appears to be in the best position to acquire the franchise given that he has plenty of financial resources at his disposal.

We’ll have more updates regarding the Bills sale as the news is available.