Good news, Bills fans. Jon Bon Jovi won’t be buying the team. Bad news, Bills fans. The Toronto-based group is still planning to try to purchase the franchise.
According to the New York Post, Larry Tanenbaum and Edward Rogers have dumped Bon Jovi because Bon Jovi’s desire to control the team has limited the total bid that the trio can make. The controlling owner must have 30 percent of the team; as the bids reportedly exceed $1 billion, Bon Jovi doesn’t have the cash to contribute to 30 percent of a competitive offer. With Bon Jovi’s net worth at roughly $300 million, according to sources, the group’s highest bid would have been capped at about $1.1 billion.
Now, Tannenbaum and Rogers, who would have owned 35 percent of a Bon Jovi-led franchise, will continue to chase the team by putting up more cash. Their strong Toronto connections mean that the threat of relocation will continue until they make it clear that the team will never move.
