AP sources: At least 3 groups set to bid on Bills - The Buffalo News

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AP sources: At least 3 groups set to bid on Bills

At least three groups have received formal documents to submit final bids to buy the Buffalo Bills, according to a report Tuesday from the Associated Press.

The three groups include Buffalo Sabres owners Terry and Kim Pegula, New York developer Donald Trump and a Toronto-based group that still includes rocker Jon Bon Jovi, sources told the AP speaking on the condition of anonymity.

The report also said that former Sabres owner B. Thomas Golisano is not prepared to bid.

The deadline to submit bids is Monday, and Proskauer Rose, the law firm representing Ralph C. Wilson Jr.’s estate, distributed purchase agreements to each group. The binding documents require a formal bid and establish the terms and conditions of a potential sale.

Wilson, the Bills founder and member of the Pro Football Hall of Fame, died in March.

Attorneys representing each of the groups have spent the past week exchanging information with Proskauer Rose in order to complete the 80-page documents.

The bidding process will remain open for groups to increase their bids until a candidate is selected.

Once Proskauer Rose identifies a potential buyer, an extensive vetting will be done by the National Football League. The owner would need a two-thirds majority approval from the 31 other owners.

The Pegulas have garnered the support of the Western New York community because of their commitment to keep the team in Buffalo and are considered the front runners.

Reportedly, Bon Jovi is still part of the Toronto group, although the New York Post reported over the weekend that he had parted ways with the group, which includes Larry Tanenaum, chairman of Maple Leaf Sports and Entertainment, and Edward Rogers, chairman of Rogers Communication.

The contention within the Toronto group is the question regarding whether or not they plan to move the Bills to Canada.

The current lease for Ralph Wilson Stadium runs through 2022, although there is a one-time exception that would allow the new owner to break the lease for around $28.4 million in 2019.

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