According to various sources such as the New York Post rock star Jon Bon Jovi has been dropped from an ownership group hoping to purchase the Buffalo Bills football team. The removal occurred because of National Football League rules.
The rules state that Bon Jovi, as “principal owner”, would be held responsible for 30 percent of the winning bid. Bon Jovi reportedly has a net worth of $300 million. This means that an ownership bidding group fronted by the “Runaway” rocker cannot go any higher than $1.1 billion. This is under the Bills’ estimated minimum asking price of $1.2 billion.
Dropping Bon Jovi appears to be a necessity. Without him the remaining members–the chairmen of Rogers Communication and Maple Leaf Sports & Entertainment—can come up with a winning bid. (Bon Jovi’s previous bid of $900 million was rejected.) The present front-runner is Terry Pegula, owner of the Buffalo Sabres.
The partnership of Bon Jovi and two Canadian corporations caused controversy in Buffalo and had New Yorkers living on a prayer that the Bills would be relocated to Toronto, Canada. Bon Jovi even published an open letter to the Bills’ fans stating his desire to do right by both the NFL team and the city of Buffalo. The bank managing the sale, however, was skeptical when his bid was rejected.
It has also been reported that Bon Jovi is currently searching for a new investment group to join. He will have to take action quickly as the deadline for bid submissions is this week.
In their yearly “Why Your Team Sucks” preview of the National Football League teams, Deadspin, a sports website, posted this thought concerning Bon Jovi and the Buffalo Bills: “Bon Jovi’s bid was too low for the NFL. That’s right: The Bills got lowballed by Jon Bon Jovi. They couldn’t even get Bruce Springsteen to bid on this team. They had to get Springsteen’s private-label equivalent.”