Saturday, August 1st21.7°C
27107

Trump's attorney confirms 'The Donald' selected to advance in Bills' sale process

BUFFALO, N.Y. - Donald Trump remains in the running to purchase the Buffalo Bills.

Trump's attorney, Michael Cohen, confirmed in an email to The Associated Press on Thursday that the real estate mogul has been chosen to advance to the next round of bidding to purchase the team. Cohen said he was informed of the decision by Morgan Stanley, the banking firm overseeing the sale of the team for late owner Ralph Wilson's estate.

"Mr. Trump's significant wealth, name recognition and real estate knowledge makes him a viable option," Cohen said.

Trump is bidding on his own after electing against being joined by partners. He is prepared to make an all-cash offer upon closing.

Trump is proving to be serious in his efforts to buy the Bills, who are on the market after Wilson died in March. Trump was previously dismissed by critics as using the Bills sale as a publicity stunt.

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

Morgan Stanley's selection of Trump comes after prospective groups were asked to submit non-binding bids by Tuesday. It's unclear which other bidders have been chosen to advance.

NHL Buffalo Sabres owners Terry and Kim Pegula submitted a bid and also are expected to advance to the next round. A Toronto group that includes rocker Jon Bon Jovi was expected to submit a bid, but it's not clear if the group had.

The deadline Tuesday was regarded as a soft one, meaning other interested parties can still submit bids until a prospective owner is identified. The time, however, is growing shorter for outside groups to become involved.

The next step is for groups who have been approved to advance is to meet with both Morgan Stanley and members of the estate to obtain the franchise's financial information. Bills President Russ Brandon also is expected to make a presentation to prospective bidders.

Once that is done in the coming weeks, groups will then be asked to submit formal bids. The bidding process is unsealed, meaning Wilson's estate will have the ability to ask groups to increase their bids.

Though no timetable has been established by Morgan Stanley, a prospective owner is could be identified by as early as Labor Day and presented to NFL owners for approval during league meetings in early October.

___

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 Dollar0.7640-0.0052
Gold1096.90+0.60
Oil47.22-1.69
Lumber252.30+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
23756237371 Tronson Road
3 bedrooms 3 baths
$389,000
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 ...

_





26370


Member of BC Press Council


26916