Toronto group bidding on Bills allowed to submit higher first bid

Jon Bon Jovi performs onstage at the Songwriters Hall of Fame 45th Annual Induction and Awards at...

Jon Bon Jovi performs onstage at the Songwriters Hall of Fame 45th Annual Induction and Awards at Marriott Marquis Theater on June 12, 2014 in New York City. (Larry Busacca/Getty Images for Songwriters Hall Of Fame/AFP)

John Kryk, QMI Agency

, Last Updated: 2:25 PM ET

The Bon Jovi/Toronto group seeking to buy the Buffalo Bills has been allowed a first-bid do-over.

In one of a bundle of surprising new developments in this melodrama, QMI Agency has learned the Toronto trio is expected on Tuesday to resubmit a higher, non-binding initial bid for the Bills -- probably between $1 billion and $1.1 billion.

The group also has been asked to submit greater assurances it plans to keep the Bills long-term in the Buffalo area.

Sources have told QMI Agency the Bon Jovi/Toronto group's first bid actually was rejected last week by Morgan Stanley, the investment bank conducting the sale of the NFL club for the trust of Ralph Wilson.

Until or unless the group resubmits, it's out.

 


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