Exclusive: Bills reach out to prospective bidders, are officially on sale

The Buffalo Bills are officially on the market and the price probably will be in the neighbourhood...

The Buffalo Bills are officially on the market and the price probably will be in the neighbourhood of $1 billion. (Kevin Hoffman/USA TODAY Sports/Files)

JOHN KRYK, QMI Agency

, Last Updated: 2:11 PM ET

The Buffalo Bills are officially on the market.

QMI Agency has learned that on Wednesday the NFL club finally kicked off the bidding process by mailing to prospective buyers both a non-disclosure agreement from law firm Proskauer Rose and a teaser sale document, according to a source involved in the process who requested anonymity.

Those who have expressed an intention to bid on the Bills, and perhaps others as identified by the Bills' investment banker Morgan Stanley, on Wednesday received a seven-page non-disclosure agreement (NDA), the source said.

Such bidders must sign the NDA in order to receive the "offering memorandum," or sale book.

That document, which presumably is now ready to be shared, will contain the confidential summary information regarding the Bills franchise and the NFL -- most importantly financials such as revenues, assets, operational costs, prospects of future revenue and liabilities.


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