BUFFALO, N.Y. (WIVB) – There could be as many as eight prospective buyers for the Buffalo Bills, including Tom Golisano, who the Associated Press reports made his bid for the team on Thursday.
The Buffalo News is reporting the Bills will listen to as many as eight prospective buyers over the next three weeks. A source told the News, Trump was first to deliver his pitch. Forbes reports his bid was just under $900 million, lower than other reported offers.
The News is reporting that Hall of Fame Quarterback Jim Kelly is meeting with the Bills’ trust Thursday. The report cites sources who claim Kelly is involved with one of the potential bidders.
Try as they might, fans can’t seem to discourage Bon Jovi on his quest for the team. Reports say his group’s first bid may have lacked enough evidence to show they planned to keep the team in Buffalo long-term. Morgan Stanley is reportedly giving the group a chance to make a better, and possibly higher, offer.
The July 29 deadline was extended to allow for more bidders to come forward and the Associated Press reports Golisano, former owner of the Buffalo Sabres, has now stepped forward with a non-binding bid to the bank firm overseeing the sale.
The Buffalo News first reported Golisano’s bid.
Even with this latest development, the bidding process is said to be on track.
John Wawrow, Associated Press Sports Writer, said, “The formal bids will likely start coming in the next three weeks, and everything seems to be still on track for Morgan Stanley and the estate identifying a candidate, an ownership candidate in early September.”
Then the NFL and team owners will have their say and the Bills could have a new owner in October. But more bids are likely to be coming. The fan-based group dedicated to keeping the Bills in Buffalo says it knows of two new bidders.
Matt Sabuda of the Buffalo Fan Alliance said, “We’ve heard at least one who wants to keep the team in Buffalo and the other group that we’ve heard about, their intentions seem a little bit more unclear.”
Meanwhile, Sabres owner Terry Pegula may have more of an incentive to buy the team and build a new stadium than we originally thought. One attorney says if Pegula’s company reinvests the money it just made on a $1.7 billion sale into buying land for a new stadium, he could pocket some extra cash.
Christian M. McBurney, partner with Nixon Peabody LLP, said, “His company could be able to defer taxable income on the gain of the real property if some of that money is rolled over into the purchase of (land for) the stadium which is also called real property. That could qualify as what is called a like kind exchange in Section 1031 of the Internal Revenue code.”
If Pegula does take advantage of this, he has to put his intention into writing 45 days from the closing of the $1.75 billion sale and close the second deal in 180 days.