NFL Betting News – Bon Jovi buying the Bills?

Updated: July 29, 2014
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Bon Jovi plans on keeping Bills in Buffalo if successful in buying the NFL club

By Ian Palmer

In NFL betting news, it’s a well-known fact that Canada’s largest city of Toronto has long wanted an NFL franchise. However, if a group of local buyers is successful in landing the Buffalo Bills, they say they don’t plan on moving the club north of the border. A group of Toronto investors, which includes New Jersey rocker Jon Bon Jovi, Larry Tanenbaum of Maple Leafs Sports and Entertainments (MLSE) and media mogul Edward Rogers, is bidding on the club, but claim they will do everything they can to keep the team in Buffalo.

All bidders must submit the required paperwork to the Bills by July 29 to stay in the running. After the proposals have been received by the NFL club, there will be more in-depth financial studies done which will include lawyers and investment banks. Bon Jovi’s group of investors has been studying designs for a new stadium, but hasn’t publicly mentioned any possible sites for one. The Bills currently play at Ralph Wilson Stadium, which is named after the team’s former owner. When Wilson passed away on March 25 at the age of 95 the franchise was put up for sale shortly after.

The Bills are locked into the stadium with a 10-year lease which runs until the end of the 2022 season and there’s a $28.4-million penalty if the club wants to break the lease after the 2019 campaign. In addition, if new owners are successful at breaking the lease before 2019 in a court battle, there’s a $400-million relocation fee attached to the agreement. The Toronto consortium said it has a couple of locations in mind for a new home for the team and will soon meet with Buffalo developers to discuss them.

Many Bills fans believed the group planned on relocating the franchise to Rogers Stadium in Toronto if it bought the team. However, it would be one of the smallest stadiums in the league as it exceeds the NFL 50,000 seating-capacity minimum by just 4,000. The Bills have played several regular-season games at Rogers Stadium over the years and Toronto politicians have openly admitted to trying to bring an NFL club to town and said a brand new stadium would be built if needed.

Another possibility for Bon Jovi and the Toronto group is to pump some money into the Bills’ current 41-year-old home in Orchard Park and just keep the team there. But if a new stadium is built, the group has plans for either a 15-acre or 25-acre version depending on where the exact location would be and how much parking space would be required. If the 25-acre version is chosen it will be built with a retractable roof. A new stadium will likely hold between 60,000 to 72,000 fans and will cost a minimum of $750 million.

If Bon Jovi’s syndicate does purchase the Bills, the singer will reportedly be the club’s controlling owner. The NFL allows groups of people to own franchises, but one member must own a minimum of 30 per cent of the shares. There are several other prominent and wealthy people interested in buying the club though. These include Donald J. Trump, Thomas Golisano, the former owner of the NHL’s Buffalo Sabres, and Terry Pegula, who is the current owner of the city’s hockey team.