Bon Jovi had been leading the group, which also includes Larry Tanenbaum (chairman of Maple Leaf Sports & Entertainment, owner of the Maple Leafs and Raptors) and Edward Rogers (chairman of Rogers Communications, owner of the Blue Jays). However, though Bon Jovi’s pockets may be deep from seeing a million faces and rocking them all, they may not be deep enough, the Post reports.
The proposed principal owner has to come up with 30 percent of the team’s price. With Bon Jovi in that role, the Toronto group’s bid would have been $1.1 billion at most, the report says, and his former partners are concerned that another bidder will go higher. Terry Pegula, natural gas magnate and owner of the Buffalo Sabres, reportedly would go to at least $1.2 billion.
So with Bon Jovi apparently out, the Toronto people are said to be putting together another group while the rocker tries to line up a new group with the aid of the bank conducting the Bills sale, Morgan Stanley.
It all has to happen quickly, because bids are due next week.