Jon Bon Jovi has made it very clear that he wants to be the next owner of the Buffalo Bills.
If he wants to make that dream a reality, though, he’ll have to up the ante.
Bon Jovi’s Toronto-based group’s first bid to purchase the Bills was rejected last week by Morgan Stanley, the company conducting the sale of the team, sources told the Toronto Sun on Tuesday.
According to the source, Bon Jovi’s bid was turned down for two reasons: their bid was too low and Morgan Stanley was still concerned about the possibility of Bon Jovi moving the team to Toronto.
The rock star has recently insisted that he would keep the team in Western New York, even writing a letter to fans telling them that he plans to keep the Bills in Buffalo. Yet his insistence apparently wasn’t enough to convince Morgan Stanley.
Bon Jovi will get a second chance to win over the investment bank, however, as Morgan Stanley has reportedly entirely reopened the bidding process for the team.
Sources told the Sun that a new bid would likely be in the range of $1 billion to $1.1 billion and must provide “greater assurance” that the group will not relocate the team to Toronto.
The sources added that the bank would meet with finalist bidders this week and ask them to submit final bids by late-August.
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