8/4/14 UPDATE: Jon Bon Jovi's Hopes Of Buying The Buffalo Bills Just Took A Huge Blow
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...(T)he Buffalo Bills will become the most expensive NFL franchise ever with a final sale price that is nearing $1.5 billion. The bidding is also a big blow to the hopes of Jon Bon Jovi and the city of Toronto of landing an NFL team.
The initial bid by Buffalo Sabres owner Terry Pegula was "in the $1.3 billion range"...One...was by a group led by Bon Jovi and is estimated to be "as high as $1.2 billion" ...The other bid came from Donald Trump...speculated to be in the $700 million to $1.1 billion range. However, Buffalo Business First reported that all three bids were "more than $1 billion."
...In order to be considered the principal owner, Bon Jovi must contribute at least 30% of the sale price in cash. If the group were to increase their bid to $1.4 billion, that means Bon Jovi would have to contribute $420 million of his own money...(A)ccording to the Toronto Sun (and Forbes.com)...Bon Jovi has an (average) net worth of ($350 million). Therefore it would seem unlikely that the group would be able to top their current bid without pushing Bon Jovi to the background...
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If all Jon can put up is one third of the franchise fee (AFTER cashing in ALL his assets AND paying off all his debts!) and
none of the additional operating capital, he ALWAYS WAS "in the background!"
8/22/14 UPDATE: Bon Jovi’s bid close to collapsing
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The clearest objective evidence regarding the coming collapse of the attempt to buy the Bills comes from the cancellation of a Wednesday tour of Ralph Wilson Stadium. It’s part of the due diligence process for all finalists...
“They’re hanging on by the skin of their teeth,” an unnamed source told John Kryk of the Toronto Sun. “The bid’s on life support.”
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What life support? The bid never made it to an ambulance, never mind a hospital: it was dead at the scene!
One of his partners has a net worth of seven billion, and could easily cast a winning bid single-handedly. Maybe Jon would settle for being a minority owner. Or maybe the Toronto Brothers could
hire Jon to run the Bills (into the ground) by withholding financial support until the lease runs out in 2022. Then they buy him out, replace him with a Canadian, and move to Toronto with a clear conscience...which may have been their ulterior motive all along.