Jon Bon Jovi was reportedly dumped from Bon Jovi group, leaving him out of the bid to buy the Buffalo Bills.
The news may come as no surprise to many as the Inquisitr earlier reported that Jon Bon Jovi and his group were weak compared to others involved in the bidding.
According to CBS Sports, Bon Jovi was axed from the group because he was limiting the amount the group could offer for the Bills. The Bon Jovi group, consisting of Larry Tanenbaum, the chairman of Maple Leaf Sports and Entertainment and Edward Rogers, chairman of Rogers Communications, realized that the group is better off without Jon Bon Jovi because of certain rules and regulations.
According to the New York Post, Jon Bon Jovi was the leader of the group, and as the lead bidder, he would have been the principal owner. Under NFL rules, Bon Jovi would have had to come up with 30 percent of the purchase price of the Buffalo Bills.
Jon Bon Jovi's net worth is approximately $300 million, and the Bon Jovi group's highest bid could reach only about $1.1 billion.
This may seem like a lot of money, but rival bidder and billionaires Terry and Kim Pegula could bid at least $1.2 billion. The Pegulas own the Buffalo Sabres and are reportedly worth $3.3 billion, according to ESPN.
Donald Trump is also considering a bid to purchase the Bills.
Sources close to the Bon Jovi group told the New York Post that they knew that they would lose if they didn't drop Jon Bon Jovi and find other backers.
The sources also claim, "Rogers is very serious" about buying the Buffalo Bills, and the Bon Jovi group is already trying to reform with the hope that it will find other backers to help them purchase the Buffalo Bills.
The Buffalo Bills team is being sold by Morgan Stanley. The Bills team is for sale because its previous owner, Ralph Wilson, died in March. The new owner is expected to be announced in October, but it may not be in time for the NFL owners to approve the buyer.
Morgan Stanley is currently looking for new backers to help support the struggling Bon Jovi group.
While the Bon Jovi group tries to regroup (and perhaps find a new name) without Jon Bon Jovi, it still has some limited time to find someone and prepare for final bids which are due next week.
[Images via WireImage and WKBW]