According to the Toronto Sun, Jon Bon Jovi’s bid to acquire the Bills was rejected because his offer wasn’t large enough and he didn’t give enough assurance that he would keep the Bills in Buffalo.
Sources have told Sun Media the Bon Jovi/Toronto group’s first bid actually was rejected last week by Morgan Stanley, the investment bank conducting the sale of the NFL club for the trust of Ralph Wilson.
Until or unless they resubmit, they are out.
The reasons? The Toronto group’s bid was uncompetitively low and, perhaps as damningly, too much doubt existed within the trust, Morgan Stanley and that duo’s law firm regarding the group’s newly adopted intention to keep the NFL team in Western New York, sources say.
Bon Jovi and his group will be given another chance to make an acceptable bid.