Thursday, October 8th15.1°C

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: and

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13978.66+110.31
S&P CDNX547.04+4.59
S&P 5002013.43+17.60
CDN Dollar0.7701+0.0017
Natural Gas2.481-0.017

Okanagan Companies
Pacific Safety0.23+0.01
QHR Technologies Inc1.23-0.02
Metalex Ventures0.05+0.00
Russel Metals21.55-1.57
Copper Mountain Mining0.61-0.02
Colorado Resources0.07-0.01
ReliaBrand Inc0.0166+0.0135
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp3.11-0.10
Diamcor Mining0.94+0.06



23581431008 Guest Road
4 bedrooms 3 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council