Toronto Group Can Submit New Bid For Bills, Asked To Provide More Assurance To Not Relocate Team

 

Accordign to John Kryk of the Toronto Sun,ย the Bon Jovi/Toronto group bidding to purchase the Buffalo Bills has been permitted to submit a “do-over” bid.

Sources told Krykย that the group is expected to submit a higher bid on Tuesday, and that, perhaps most importantly, the group has been asked to offerย “greater assurances” toย 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, prohibitingย the team from being sold to an owner โ€œwho, to the Billsโ€™ knowledge, has an intention to relocate, transfer or otherwise move the teamโ€ before 2023.

The effect ofย 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.

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