Rockstar Jon Bon Jovi and the group of Toronto-based sports team owners who are bidding on the Buffalo Bills have parted ways, the New York Post reports.
According to the report, the Toronto group, that includes MLSE’s Larry Tanenbaum and Edward Rogers, chairman of Rogers Communications, believe they are in a stronger position to win the Bills auction without Bon Jovi.
As the lead bidder, Bon Jovi would have been the principal owner and therefore, would have to put up 30 percent of the purchase price.
With Bon Jovi’s net worth estimated at $300 million, the group’s highest bid would have been capped at about $1.1 billion, a figure the group feared wouldn’t be enough as rival bidder Terry Pegula, the multi-billionaire owner of the NHL’s Buffalo Sabres, was reportedly willing to push his bid up to $1.2 billion or higher.
Donald Trump reportedly remains in the running and the report also states that Morgan Stanley, the investment bank selling the Bills, has been trying to help Bon Jovi find new backers.
