Jon Bon Jovi cut from group bidding for the Buffalo Bills

Billionaires Terry Pegula and Donald Trump are also bidding on the Buffalo Bills.
By Aileen Graef Follow @AileenGraef Contact the Author   |   Sept. 2, 2014 at 12:38 PM
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NEW YORK, Sept. 2 (UPI) -- Rocker Jon Bon Jovi was cut from the group of Toronto-based sports team owners planning to buy the Buffalo Bills football team.

The New York Post reported Friday the other members of the group -- Larry Tanenbaum, chairman of Maple Leaf Sports and Entertainment, the group that controls the NHL's Maple Leafs and NBA's Raptors, and Edward Rogers, chairman of Rogers Communications -- think their bid for the Bills has a better chance at success without him due to financial restraints.

Bon Jovi, as lead bidder and potential principal owner, would have to put up 30 percent of the purchase price. In accordance with the NFL rules, since Bon Jovi's net worth is estimated at $300, the bid for the team would be capped at $1.1 billion.

Billionaire Terry Pegula is reportedly aiming for a $1.2 billion bid. Real estate mogul and billionaire Donald Trump is also bidding, but there is no information on how much his bid will be.

Investment firm Morgan Stanley is selling the Bills and has been trying to find new backers for Bon Jovi. Final bids are due next week.

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