The Buffalo Bills are up for sale and they are not going to be cheap. Initially, fifteen groups signed non-disclosure agreements showing their intent to bid on the NFL team. However, of those fifteen, only three submitted offers, and of those three, just two were serious. But that's just fine, because they were very, very serious.
Currently, the leading offer is $1.3 billion. The offer was from Terry Pegula, a billionaire who made his money through real estate and energy. Pegula currently owns the Buffalo Sabres hockey team. The second-largest bid is from a group including Jon Bon Jovi and the Rogers family, owners of Canada's largest cable company. It is reportedly $1.2 billion. Reports indicate Donald Trump has also submitted an offer, however, his bid was not a material amount, and he has already confirmed he would not participate in a bidding war.
Even if the Buffalo Bills are for some reason sold to the Jon Bon Jovi group for the lower bid of $1.2 billion, the Bills — who play in one of the NFL's smallest markets and one of its oldest stadiums — will become the most expensive NFL team ever sold. In 2009, the Dolphins went for $1.1 billion.
While $1.3 billion would be an impressive sale, this is still almost half the price of what the Los Angeles Clippers are going for. Steve Ballmer is set to purchase the Clippers for $2 billion from Shelly Sterling (as long as Donald Sterling stays out of the way) in what would be the second-highest price ever paid for a sports franchise.
This article is from the archive of our partner The Wire.
We want to hear what you think about this article. Submit a letter to the editor or write to email@example.com.