Bid From Bon Jovi Investment Group Rejected by Buffalo Bills

NEW YORK, NY - JANUARY 31: Jon Bon Jovi performs onstage at 'Howard Stern's Birthday Bash' presented by SiriusXM, produced by Howard Stern Productions at Hammerstein Ballroom on January 31, 2014 in New York City.
It's back to the drawing board for Jon Bon Jovi and his partners who want to buy the NFL's Buffalo Bills.

The group's initial bid, reported to be $900 million, has been rejected as "uncompetitively low," but the family of the late Bills owner Ralph Wilson and Morgan Stanley, which is conducting the sale, are giving Bon Jovi and company a chance to come back with another proposal, which is rumored to be for $1.2 billion.

The sellers were also concerned about whether the Bon Jovi group might move the team to Toronto, where many of his partners are based. Nobody from the group has explicitly denied intentions to move the team, though Bon Jovi wrote an open letter in the Buffalo News on Sunday (August 3) promising "to carry on the legacy of Ralph Wilson and make the Bills successful in Buffalo."

Terry Pegula, who owns the NHL's Buffalo Sabres, has reportedly tendered a $2.2 billion offer for the Bills, which makes one wonder why Bon Jovi is still even in the running. Stay tuned...