Report: Bon Jovi backing out of group bidding for Bills

Jon Bon Jovi has parted ways with a group of Toronto-based sports team owners who are bidding on the Buffalo Bills, according to the New York Post.

That group, led by Larry Tannenbaum, chairman of Maple Leaf Sports and Entertainment, and Edward Rogers, chairman of Rogers Communications, believe they are in a stronger position to win the Bills auction without Bon Jovi, according to the report.

With Bon Jovi leading the group, he would have been the principal owner, meaning he would have been required to put up at least 30 per cent of the purchase price.

With a net worth believed to be in the $300-million range, the group's maximum bid would have maxed out at $1.1 billion.

Terry Pegula, owner of the NHL's Buffalo Sabres and a multi-billionaire, was reportedly willing to push his bid up to $1.2 billion and beyond, effectively knocking the Toronto group out of contention.

Donald Trump is reportedly interested in acquiring the Bills as well.

The report goes on to say that Morgan Stanley, an investment bank which is selling the Bills, has been trying to help Bon Jovi find new backers.