Rock star Jon Bon Jovi parted ways with the Toronto-based group that hopes to buy the Buffalo Bills, the New York Post reported Friday night.
The leaders of the group -- Larry Tanenbaum, the chairman of Maple Leaf Sports and Entertainment, and Edward Rogers, chairman of Rogers Communications -- believe they are in a stronger position to make a successful bid for the Bills without Bon Jovi.
With Bon Jovi leading the group as the principal owner, he would be required to invest up 30 percent of the purchase price under NFL rules. Because his net worth is about $300 million, the group's highest bid would have been capped at roughly $1.1 billion.
Another group looking to buy the team -- Buffalo Sabres owners Terry and Kim Pegula -- are considered the front-runners because they are willing and able to bid at least $1.2 billion. Forbes valued the Pegulas' net worth at $3.3 billion.
Morgan Stanley, the banking firm overseeing the sale of the team on behalf of late owner Ralph Wilson's estate, is trying to help Bon Jovi find new financial backers.
Donald Trump is also in contention to make a bid for the team.
Final pitches are due next week.
Wilson, the Hall of Fame owner, died last March. A new owner is expected to be identified by October. NFL owners are expected to meet that month. The league's financial committee must approve the new owner
By The Sports Xchange
Publish Date: August 30, 2014 11:30:28 AM
Report: Bon Jovi splits from Toronto group
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