As NFL teams trim their rosters down to 53 people in preparation for the regular season today (Aug. 30), we learn that Jon Bon Jovi has reportedly been cut from an ownership group looking to buy the Buffalo Bills.
According to the New York Post, the problem stems from the league’s rules that Bon Jovi, as principal owner, would have been responsible for 30 percent of the winning bid. With a net worth believed to be $300 million, a Bon Jovi-fronted group can only go as high as $1.1 billion, which falls short of the team’s estimated minimum asking price of $1.2 billion. Earlier this month, Bon Jovi’s initial bid of $900 million was rejected.
Without Bon Jovi, the other members of the group, the chairmen of Rogers Communication and Maple Leaf Sports & Entertainment, believe they can put together a winning bid. The current front-runner is Buffalo Sabres owner Terry Pegula.
Bon Jovi’s partnering with the two Canadian businesses caused controversy in Buffalo out of fear that the Bills, who have not made the playoffs since 1999, would be moved to Toronto. He wrote an open letter to the city saying he was looking to keep the team in Buffalo, but the bank handling the sale did not believe him upon rejection of the bid.
The Post also said that he is looking to be part of a new investment group, but he would have to organize it quickly. The deadline for submissions is next week.
Sports website Deadspin has been mocking Bon Jovi and the Bills throughout this process. Earlier this week, in their annual “Why Your Team Sucks” preview of every NFL team, they wrote, “Bon Jovi’s bid was too low for the NFL. That’s right: The Bills got lowballed by Jon Bon Jovi. They couldn’t even get Bruce Springsteen to bid on this team. They had to get Springsteen’s private-label equivalent.”
Read More: Jon Bon Jovi Is Probably Not Buying the Buffalo Bills | http://ultimateclassicrock.com/jon-bon-jovi-buffalo-bills-rejected/?trackback=tsmclip
August 30, 2014
Photo by Theo Wargo, Getty Images