Rock star Jon Bon Jovi is part of a Toronto group that has filed the necessary paperwork for the purchase of the Buffalo Bills.
According to The Associated Press, sources say that the group also includes Maple Leaf Sports and Entertainment chairman Larry Tanenbaum and the Rogers family of the Toronto communications giant. Bon Jovi's group has retained the services of banking giant Goldman Sachs to assist them in their bid.
However it is still not known whether the group will move the team to Toronto. The Bills have been on the market since the death of their owner Ralph Wilson in March.
According to Forbes, the Bills have a value of $870 million. But many expect the team to be sold for a minimum of $1 billion since it is very rare for NFL teams to be sold. The team is basically locked into playing at the Ralph Wilson Stadium in downtown New York until the 2019 season because of a non-relocation clause. The team would have to pay a penalty of $400 million just by bringing up the issue of relocating to another area.
Prospective bidders like Bon Jovi's group would have to pass another set of forms like their own financial information by July 29 to get more information on the Bills' financial situation.
One of the AP sources said that the banking firm handling the sale, Morgan Stanley, informed prospective bidders that the team just made $30 million in profits last season. But it is expected that the income will double by the end of the decade because of renovations to the stadium and renewal of the NFL TV contract.
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