Sources: Tom Golisano Places Bid For Bills As Toronto Group Hits Another Snag
Former Sabres Owner Tom Golisano "finally has placed a bid to buy the Bills," according to a source cited by Tim Graham of the BUFFALO NEWS. Initial bids "supposedly were due nine days ago, but the deadline was extended, with Golisano and others stepping forward -- privately -- with interest in the team." The Ralph Wilson family trust "was said to be concerned that only three bids had come in by the July 29 deadline." A source said of Morgan Stanley, the bank overseeing the sale, "The family is still seeking the most money, so they're still bringing people to the table" (BUFFALONEWS.com, 8/7). The AP's John Wawrow noted Golisano's addition "comes at the same time the sale process moved into the next phase after Bills officials began meeting with prospective ownership groups that had already submitted their non-binding bids." The presentations provide prospective buyers "an opportunity to receive extensive financial and background information on the franchise in order to prepare their formal bids, which are expected to be submitted within three weeks" (AP, 8/7). QMI AGENCY's John Kryk cited sources as saying that the Toronto-based group bidding on the Bills, led by Jon Bon Bovi, was "asked yet again to clarify its non-relocation intentions." A source said that by the end of business Thursday, the group "still had not been invited to the final phase of the sale" (QMI AGENCY, 8/7). In N.Y., Josh Kosman cites sources as saying that the Bills last season "posted an operating profit" of between $30-40M. Sources said that new details of the team's finances "came to light Thursday as the auction for the NFL franchise moved into the second round." One source added that profits "could rise" to $60M -- in line with other teams -- if the state "builds the Bills a new stadium" (N.Y. POST, 8/8).