Where the Buffalo Bills sale process goes from here

Buffalo Bills tight end Scott Chandler (84) runs the ball in for a touchdown during the second half...

Buffalo Bills tight end Scott Chandler (84) runs the ball in for a touchdown during the second half against the Cincinnati Bengals at Ralph Wilson Stadium on Oct 13, 2013 in Orchard Park, NY, USA (Timothy T. Ludwig/USA TODAY Sports)

JOHN KRYK, QMI Agency

, Last Updated: 6:03 PM ET

Here are more details on what's next in the Buffalo Bills sale process.

According to a well-placed source, prospective bidders not only have until 5 p.m. EDT on Tuesday, July 29 to inform investment bank Morgan Stanley of their intention to bid, they must submit an indicative bid by then.

That is, a prospective, non-binding first bid. The source said Morgan Stanley will even accept a narrow price range, rather than a specific indicative bid.

Morgan Stanley is conducting the sale on behalf of the trust of the late Ralph Wilson, founding owner of the Bills who died in March.

The source said indicative bids are not expected to exceed $1 billion, perhaps not even $900 million. That of course does not mean the final sale price won't wind up north of a billion, as widely expected.

Buyers probably will wait as long as possible before submitting their first bids, the source said. Maybe right up to the final hour on July 29.


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