Not much is known about the factors that must be considered by the trust responsible for selling the Bills from the estate of Ralph Wilson. The latest development suggests that the trustees have a mandate not simply to maximize the purchase price but also to ensure the team won’t move.
According to John Kryk of the Toronto Sun, investment firm Morgan Stanley has rejected the initial bid made by the Toronto-based group that includes Jon Bon Jovi. Morgan Stanley has given Bon Jovi and company the ability to resubmit the proposal. Per Kryk, the amount was deemed to be too low, and the bid lacked sufficient assurances that the franchise won’t be relocated.
If the bid isn’t resubmitted or if the second effort again fails to sufficiently address the financial and geographical concerns, Bon Jovi’s bid will be dead.
Bon Jovi’s initial offer is believed to be $900 million, possibly less. Buffalo Sabres owner Terry Pegula reportedly offered over $1 billion for the team. Donald Trump claims he bid $1 billion in cash for the team.