Toronto group can't match Pegula's first bid on Bills: Sources

Buffalo Sabres owner Terry Pegula gestures as he speaks during a news conference announcing the new...

Buffalo Sabres owner Terry Pegula gestures as he speaks during a news conference announcing the new ownership of the NHL hockey team in Buffalo, New York February 22, 2011. (REUTERS/Gary Wiepert)

JOHN KRYK, QMI Agency

, Last Updated: 5:04 PM ET

If reports Wednesday are true about how much Terry Pegula is prepared to bid on the Buffalo Bills, then Jon Bon Jovi and his Toronto bid group apparently are doomed.

Sources now tell QMI Agency the Toronto group cannot ultimately bid as high as the $1.3 billion Pegula is reported to have submitted in Tuesday's first round.

The Toronto group's bid limit will probably be about $1.2 billion, one source said. Another source said that limit likely is even less than that, just above $1 billion.

That's why the sources dismissed reports Wednesday that contend the Toronto group placed a first bid as high as $1.2 billion.

Maybe that first bid was as high as $1 billion, sources said, but more likely it was in the $800-million to $900-million range.

The Toronto group comprises Bon Jovi (as prospective controlling owner), MLSE chairman Larry Tanenbaum and the Rogers family, which runs Canada's Rogers Communication Inc. empire.


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