The initial bid, reportedly less than $900 million, was rejected by the investment firm Morgan Stanley. The reasons?
First, the bid was "uncompetitively low," and just as important, there were doubts that the group intended to keep the team in western New York.
The group, which is comprised of three parties -- Bon Jovi, Maple Leaf Sports & Entertainment chairman Larry Tanenbaum and Edward Rogers and his family -- can resubmit its bid.
More details, via Kryk: "If the Toronto group's amended bid is still deemed financially insufficient, or if their non-relocation assurances fall significantly short again, its bid is dead. Otherwise, Morgan Stanley will invite the group into the final phase of the sale process, along with Terry Pegula, Donald Trump and any other qualifying late-comers the bank might yet recruit."
Pegula, who also owns the Buffalo Sabres, reportedly submitted a bid of $1.3 billion last week. Two sources tell Kryk that Bon Jovi's group can't come close to matching that. Trump, meanwhile, is thought to have bid about $1 billion.
Kryk explains why Bon Jovi's group has been asked to resubmit their bid even though Pegula, who has said he can pay cash for the team, appears to be qualified: "All this likely speaks to the fact that the investment bank is (1) desperate to give Pegula more competition, (2) hoping to keep alive The Great Toronto Threat, which has successfully injected panic into the sale process since the beginning, and (3) desperate to save face, as the highly regarded investment bank still has not recruited a single new bidder to the process."
The notion that Bon Jovi might be priced out of the proceedings must come as welcome news to former Bills wideout and Hall of Famer Andre Reed.