According to a report, the Toronto-based group pursuing ownership of the NFL’s Buffalo Bills has dumped rocker Jon Bon Jovi.
The New York Post reported that the group—which now includes just Maple Leaf Sports & Entertainment chairman Larry Tanenbaum and Rogers Communications chairman Edward Rogers—was concerned that Bon Jovi’s continued involvement with the group would give it a bad name in the bidding, because Bon Jovi’s presence as principal owner would limit the amount it could bid.
Under NFL rules, the principal owner must put up at least 30 percent of the purchase price. With Bon Jovi’s net worth reported at approximately $300 million, according to the Post, the highest bid the group could make would be roughly $1.1 billion.
Fracking billionaire Terry Pegula, owner of the NHL’s Buffalo Sabres, is reportedly willing to bid $1.2 billion in his attempt to get the Bills and the Toronto group feared that with Bon Jovi’s continued presence, the effort was destined to be shot through the heart well short of being able to lay their hands on the franchise.
So rather than continuing down a lost highway, Tanenbaum—whose Maple Leaf Sports & Entertainment operation controls both the NHL’s Toronto Maple Leafs and the NBA’s Toronto Raptors—and Rogers opted to play for higher stakes.
“Rogers is very serious [about buying the team],” a source told the Post.
Donald Trump is still in the bidding as well, with final bids due next week.
Morgan Stanley, the investment firm handling the auction of the Bills, is said to be trying to help Bon Jovi find new partners.