Report: Bon Jovi’s Toronto Group Can’t Match Pegula Offer For Bills
Rockstar Bon Jovi’s Toronto-based group may have already been outbid by billionaire Buffalonian and Buffalo Sabres owner Terry Pegula for the rights to purchase the Buffalo Bills. Pegula’s initial bid? $1.3 billion straight. The Toronto Sun is reporting that Bon Jovi’s group’s bid was around $1.2 million, and a source revealed to the paper that it was less than that.
The problem for Bon Jovi stems from his desire to be the majority owner of the Bills in conjunction with the NFL’s rules about the majority owner’s contribution. Those rules state that the majority owner must provide at least 30% of the franchise purchase price. That would mean of the estimated $1.2 billion total cost of the team, Bon Jovi would need to provide about $300 million in cash–about 60% of his reported total net worth. In addition to this issue, NFL ownership rules also cap the borrowing amount at $200 million. That’s a high percentage for a potential owner not relying on his own finances.
Pegula himself, is worth $3.3 billion according to Forbes.