Report: Bon Jovi can’t match Pegula’s bid on Buffalo Bills

Just one round of bidding may be all that’s needed in the waging war for the Buffalo Bills. After Buffalo Sabres owner Terry Pegula reportedly bid more than $1 billion for the Bills, the Toronto Sun reports that Pegula’s figure may outreach the best effort Bon Jovi and the ‘Toronto group’ can offer.

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If that’s the case, the sale of the Bills may move along quicker than anyone expected after the team also received fewer bids than anticipated.

John Kryk of the Toronto Sun writes that the rumored figure of Pegula’s bid — $1.3 billion — is more than the Toronto group can afford. The Toronto group consists of Jon Bon Jovi as the primary investor, partnered with Maple Leafs Sports Entertainment (MLSE) chairman Larry Tanenbaum and the Rogers family, which runs Canada’s Rogers Communication Inc.

Kryk notes that Bon Jovi would simply have to put up too much money of his own if he wanted to remain a controlling partner in the purchase.

"Sources say [Bon Jovi] is worth close to $500 million. To illustrate his predicament, let’s say the final sale price is $1.2 billion. After the group maxes out the NFL’s financing limit of $200 million, Bon Jovi would alone have to contribute $300 million in cash to meet the 30% principal-ownership threshold — more than 60% of his net worth, an extraordinarily high number in such a sale."

Meanwhile Terry Pegula is merely out-of-pocket change after having put up more than a billion dollars of his own money in a bid that would likely trump Bon Jovi’s even if the money was even. The NFL prefers to have one private owner as opposed to a conglomerate of corporate interests owning the team, which also works in Pegula’s favor.

The third of the three initial bids came from Donald Trump, which Trump himself has noted will likely come short. In all, it appears that Terry Pegula is the heavy favorite to wrap up this process and successfully purchase the Buffalo Bills, effectively tying the team to the region for as long as Pegula shall live or not go bankrupt.

Start polishing your finest bronze, Buffalo fans. You’re going to want a big statue for this guy if the bidding process ends the way it has begun.