The Buffalo Bills sale is moving forward, but new reports suggest that the bidding war might not be what it seems.
Reports have indicated that Buffalo Sabres owner Terry Pegula dominated the initial round of bidding with a $1.3 billion offer to buy the team. At the same time, sources close to the sale indicated that a group led by rocker Jon Bon Jovi seriously underbid, leading the team’s trust to force him to re-bid.
But a new source suggests that the bidding may not be so high after all. Forbes writer Mike Ozanian said that all bids have actually been below $1 billion, which had been the estimated sale price.
“As of right now the three groups that I have confirmed with sources as having submitted bids for the Buffalo Bills has offered less than $1 billion for the NFL team. Donald Trump has offered in the mid-$800 million territory, Terry Pegula and Bon Jovi has both offered well under $1 billion, according to sources familiar with the bids.”
Ozanian suggested that banking firm Morgan Stanley is mis-handling the sale, saying the inexperienced sports banker has only handled one sale, Maple League & Entertainment. Other reports have claimed that the language for submitting bids was so restrictive that many bidders were put off by the process.
While Ozanian suggests that the Buffalo Bills bids are lower than expected, new reports suggest that the bidding is beginning to open up. Though there were only three initial bidders — Jon Bon Jovi, Donald Trump, and Terry Pegula — after the initial round, there were up to five new bidders entering the fray. This group includes former Sabres owner Tom Golisano, as well as a group put together by Bills Hall of Fame quarterback Jim Kelly.