Jon Bon Jovi Advances In Bid For Buffalo BillsBy: Amanda Crum - August 13, 2014
Jon Bon Jovi and the investment group he’s affiliated with in Toronto have reached the final stages of a deal to acquire the Buffalo Bills, alhough there are two other potential buyers who could still take over: Donald Trump and Sabres owner Terry Pegula.
The New Jersey native has been interested in buying a team for a while now, but his bid for the Bills has been met with mixed reactions from fans after rumors began to fly about the team being moved to Toronto. However, both Bon Jovi and the current team president Russ Brandon say there is no intention of moving the team.
“Everyone is motivated to keep this franchise viable here for generations to come,” Brandon said.
The team is required by contract to play at Ralph Wilson Stadium through 2019 or face a penalty in excess of $400 million, so it’s not likely the team would be going anywhere even if Bon Jovi and his partners take possession.
The final phase of negotiations comes after Bon Jovi entered a second bid following concern that the first one was too low.
“Finalists soon will be asked to submit binding bids, probably before month’s end. The trust and transaction team then will select a preferred buyer and begin purchase negotiations, if this sale follows the usual trajectory. The seller can amend the sale process at any time,” said reporter John Kryk.
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