Jon Bon Jovi is no longer part of the investment group with Toronto-based sports team owners looking to buy the NFL’s Buffalo Bills.
The New York Post is reporting that the remaining individuls in the group, that inlude Larry Tanenbaum, chairman of Maple Leaf Sports & Entertainment, which controls the NHL’s Maple Leafs and NBA’s Raptors, and Edward Rogers, chairman of Rogers Communications believe they can win the bid for the Bills without Bon Jovi.
Rival bidder Terry Pegula, a fracking billionaire, is said to be willing to push a bid toward $1.2 billion or higher, the Toronto group, with Bon Jovi leading the bid thought it could lose under the current struture. Under that situation Jon Bon Jovi would have been the principal owner and therefore, under NFL rules, would have to put up 30 percent of the purchase price. His net worth is roughly $300 million, which would cap their bid at about $1.1 billion
Final bids are due next week, with Donald Trump still interested in making a bid. Morgan Stanley, the investment bank selling the Bills, has been trying to help Bon Jovi find new backers, sources said. It isn’t over ’til it’s over, but it is coming down to crunch time for Jon Bon Jovi’s bid on the Bills.