Wednesday, July 1st29.8°C
25016
25998

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 TSX14553.33+63.18
S&P CDNX671.49+4.40
DJIA17757.91+138.40
Nasdaq5013.12+26.26
S&P 5002077.42+14.31
CDN Dollar0.7942-0.0003
Gold1168.70-2.80
Oil57.65-0.05
Lumber288.90+0.60
Natural Gas2.801+0.018

 
Okanagan Companies
Pacific Safety0.16-0.01
Knighthawk0.010.00
QHR Technologies Inc1.52-0.01
Cantex0.04-0.01
Anavex Life Sciences0.451+0.001
Metalex Ventures0.075+0.010
Russel Metals22.73+0.05
Copper Mountain Mining1.16-0.01
Colorado Resources0.08-0.02
ReliaBrand Inc0.006-0.000
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.185+0.015
Decisive Dividend Corporation2.50+0.42

 





FEATURED Property
232569712- 971 Monashee Place
2 bedrooms 3 baths
$525,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_



26370




Member of BC Press Council


26432