Monday, August 3rd16.1°C
27107

People familiar with sale documents to AP: Bon Jovi part of Toronto group looking to buy team

BUFFALO, N.Y. - Rocker Jon Bon Jovi is part of a Toronto group that has retained a banking firm and submitted paperwork expressing interest in buying the Buffalo Bills, three people who have reviewed documents regarding the sale process told The Associated Press on Friday.

It is unclear if the group would eventually want to move the NFL team to Toronto. The club is on the market after Hall of Fame owner Ralph Wilson died in March.

The three people spoke to The Associated Press on the condition of anonymity Friday because the process is private and the Toronto group has not revealed its intentions.

The group includes Larry Tanenbaum and the Rogers family. Tanenbaum is chairman of Maple Leaf Sports and Entertainment, which controls the NHL's Maple Leafs and NBA's Raptors. The Rogers family includes Edward Rogers, who is deputy chairman of Rogers, the Toronto communications giant.

The group is on a list of prospective buyers who have submitted a nondisclosure agreement form to Morgan Stanley, the banking firm overseeing the Bills sale. The Toronto group has retained the Goldman Sachs banking firm to assist in the bid.

Bon Jovi previously expressed interest in owning an NFL franchise but never specifically mentioned the Bills. This is the first real indication linking him to Tanenbaum and Rogers.

One of the people confirmed that Bon Jovi discussed his interests during a restaurant meeting last month with NFL Commissioner.

The Bills most recently were valued by Forbes at $870 million. They are projected to be sold for at least $1 billion, partly because NFL teams rarely go on the market.

The team is essentially locked into playing at Ralph Wilson Stadium through the 2019 season because of a strict nonrelocation clause included in a 10-year lease agreement reached with the state and county in December 2012.

The Bills would incur a $400 million penalty by even broaching the prospect of moving during the lease's term. There is a one-time exception that would allow the Bills to break the lease for just under $28.4 million in 2020.

Of about 60 nondisclosure forms sent out by Morgan Stanley in June, at least 10 of have been returned, two of the people said. Among those also listed as returning their forms are Buffalo Sabres owners Terry and Kim Pegula and New York City real estate mogul Donald Trump.

The forms were required in order for prospective bidders to gain access to financial and background information on the franchise to begin formulating their bids.

The next step is for prospective bidders to submit another set of forms — including their own financial information — by July 29 to gain more access to the Bills' financial information.

One of the people said Morgan Stanley has informed prospective buyers that the Bills made just under $30 million in net profits last season. And Morgan Stanley projects that number will double by 2019 as a result of the NFL's TV contract, current renovations taking place at the stadium and other potential local sources of income.

___

AP NFL website: www.pro32.ap.org and www.twitter.com/AP_NFL

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7603-0.004
Gold1096.90+0.60
Oil46.79-0.74
Lumber252.10+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
2337114245 Marigold Crescent, Kelowna
4 bedrooms 3 baths
$569,900
more details
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26376

26370


Member of BC Press Council


26707