Bon Jovi and his Toronto backers are beginning to admit defeat. After weeks of difficulty pursuing the Buffalo Bills, they have begun reassessing their bid, QMI Agency has learned.
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“They’re hanging on by the skin of their teeth,” one source said. “The bid’s on life support.”
Reportedly, the group cancelled a scheduled tour of Ralph Wilson Stadium on Wednesday. The tour is a part of the due diligence process for all finalists. The bank conducting the sale, Morgan and Stanley called it the “final phase.” By removing themselves from that final phase, they are likely removing themselves from consideration entirely.
The difficulty of the group providing a winning bid for the Bills lies in Bon Jovi. His presence in the party appears to be toxic. Furthermore, the group will not commit to keeping the team in its current location. Bon Jovi and the potential of taking the Buffalo out of the Bills — and thus the Bills out of Buffalo — are too much for the current ownership to swallow.
There are three other known finalists: multi-billionaires Terry Pegula, Donald Trump and Tom Golisano. Morgan Stanley
According to the Ottawa Sun, “It has nothing to do with the announced departure Thursday of CEO Tim Leiweke from Maple Leaf Sports & Entertainment, whose role in the bid has been overstated (most often by Leiweke himself).”
Morgan Stanley suggested that Bon Jovi join forces with Jm Kelly, however, Kelly sniffed out — like everyone else — that Bon Jovi likely intended to move the team to Toronto.