eball Posted August 5, 2014 Share Posted August 5, 2014 This is a very well-orchestrated move by RW, the Trust and Morgan Stanley. The reality is, the trust seems to be acting in a manner that suggests the team is somehow restricted to be sold to a local buyer intent on keeping the team here. That's probably RW's wish and when reading the NDA closely, its very restrictive to a certain type of bidder... one with cash, which does two things... removes those who need financing and points toward a team keeping it local. Why? A local bid flsuh with case is the only one that can make it work due to the absence of debt service. No debt service means RWS works in the short term while working toward a a stadium resolution. The extra wiggle for a cash buyer also increase the actual bid price, which gets paid to the Trust whereas a lower bid requiring financing pays a lender the difference. Knowing that, MS and the Trust have then to develop a way to maximize the sale price with these restrictions and the only way is to drive up the bid price from outside bidder to get the local bid higher, returning the most money. These suggestions by the media that somehow Morgan Stanley has failed to drum up bidders (mostly in the media) is totally misplaced and ignorant. They don't need a large number of bidders, the need one out of towner to scare the local bidder and drive the final sale price up. To suggest that MS is inept is laughable when coming from the media. You can bet that Pegula will always get the chance to match a higher bid because it does the two things most important to the trust 1) ensures the team stays and 2) maximizes the final price. That what a bid and negotiation is because the "binding final bid" or whatever they are calling it, is a minimum, not a maximum. They can go back to T-money and ask him to increase his bid. Stayin. That is a very well thought out and logical perspective. Nice. Link to comment Share on other sites More sharing options...
CodeMonkey Posted August 5, 2014 Share Posted August 5, 2014 (edited) I suspect that there are still others. The location isn't scaring people off because their revenue numbers are strong. A lot of other groups are looking at this as their opportunity to buy an NFL team (which rarely hit the market). Not according to anything we are reading so far, which admittedly is all speculation. If there were truly others chomping at the bit to bid up the price, why didn't they submit a non-binding bid? I really think the trust may well and truly have screwed the pooch so far and are currently trying to salvage the situation. We will see. But like everything else with the Bills, it's an adventure Edited August 5, 2014 by CodeMonkey Link to comment Share on other sites More sharing options...
SectionC3 Posted August 5, 2014 Share Posted August 5, 2014 I suspect there is at least one local bidder besides BTG still in the wings if needed. No direct info, just an educated guess. Doubt we think or hear of this prospect unless trust and/or NFL needs him. Link to comment Share on other sites More sharing options...
Peter Posted August 5, 2014 Share Posted August 5, 2014 (edited) I just read John Kryk's article. Again, kudos to him for being so informative. One thing that he re-confirmed is that the Pegulas' bid was $1.3B: "Two sources said Pegula indeed bid about $1.3 billion." Presuming that is correct (and I have no reason to disbelieve John Kryk who appears to be plugged in), Morgan Stanley already has a bid on the table that exceeds what I recall Stephen Ross paid for the Dolphins AND their stadium. Morgan Stanley should declare the Pegulas the winning bidders and let them move on to the NFL approval process. This is ridiculous. JBJ and his group should be out. Stick a fork in their bid. Edited August 5, 2014 by Peter Link to comment Share on other sites More sharing options...
CodeMonkey Posted August 5, 2014 Share Posted August 5, 2014 I just read John Kryk's article. Again, kudos to him for being so informative. One thing that he re-confirmed is that the Pegulas' bid was $1.3B: "Two sources said Pegula indeed bid about $1.3 billion." Presuming that is correct (and I have no reason to disbelieve John Kryk who appears to be plugged in), Morgan Stanley already has a bid on the table that exceeds what I recall Stephen Ross paid for the Dolphins AND their stadium. Morgan Stanley should declare the Pegulas the winning bidders and let them move on to the NFL approval process. This is ridiculous. JBJ and his group should be out. Stick a fork in their bid. Except for the fact that it was a non-binding bid. They could ask Pegula for a binding bid and he could come back with 900 million. Particularly if he is the only bidder. Link to comment Share on other sites More sharing options...
Peter Posted August 5, 2014 Share Posted August 5, 2014 (edited) Except for the fact that it was a non-binding bid. They could ask Pegula for a binding bid and he could come back with 900 million. Particularly if he is the only bidder. Then why don't they freaking ask him and move forward. This is complete horse ****. I apologize. I don't mean to rant. We all know there is a reason that the "Toronto group" is called the Toronto group. It is all a charade on their part. Edited August 5, 2014 by Peter Link to comment Share on other sites More sharing options...
YoloinOhio Posted August 5, 2014 Share Posted August 5, 2014 Tim Graham @ByTimGraham 3m As Bon Jovi group continues to sputter, Pegulas pulling away in Bills race http://bills.buffalonews.com/2014/08/05/bon-jovi-group-continues-sputter-pegulas-pulling-away-bills-race/ … Link to comment Share on other sites More sharing options...
KDIGGZ Posted August 5, 2014 Share Posted August 5, 2014 Except for the fact that it was a non-binding bid. They could ask Pegula for a binding bid and he could come back with 900 million. Particularly if he is the only bidder. That's why a "non-binding" bid was a stupid way of doing this. It backfired in their face when only 3 people responded. They are looking pretty dumb right about now. It should have been binding and they could still have the option of negotiating for more after that Link to comment Share on other sites More sharing options...
Kirby Jackson Posted August 5, 2014 Share Posted August 5, 2014 Not according to anything we are reading so far, which admittedly is all speculation. If there were truly others chomping at the bit to bid up the price, why didn't they submit a non-binding bid? I really think the trust may well and truly have screwed the pooch so far and are currently trying to salvage the situation. We will see. But like everything else with the Bills, it's an adventure There are more. There wasn't a big advantage in submitting a non binding bid. Link to comment Share on other sites More sharing options...
BRAWNDO Posted August 5, 2014 Share Posted August 5, 2014 Tim Graham @ByTimGraham 3m As Bon Jovi group continues to sputter, Pegulas pulling away in Bills race http://bills.buffalo...-race/ … From the article: Sources close to the sale insist the Pegulas' pursuit has been flawless so far. The other groups are way behind and leaking oil well short of the finish line. Terry and Kim Pegula had the potential to be the perfect package as Bills owners from the start. Sources involved in the sales process and within the NFL claim the Pegulas' approach to bidding on the team has underscored their desirability. Link to comment Share on other sites More sharing options...
Big Blitz Posted August 5, 2014 Share Posted August 5, 2014 Tim Graham @ByTimGraham 3m As Bon Jovi group continues to sputter, Pegulas pulling away in Bills race http://bills.buffalonews.com/2014/08/05/bon-jovi-group-continues-sputter-pegulas-pulling-away-bills-race/ … Some of Bon Jovi's influential NFL friends -- he has close relationships with New England Patriots owner Robert Kraft and Dallas Cowboys owner Jerry Jones -- have advised him bail on his attempted purchase to save face, sources say. Wow Link to comment Share on other sites More sharing options...
SectionC3 Posted August 5, 2014 Share Posted August 5, 2014 Bc it's a negotiation. If someone wants to do a deal w you, but you can increase the deal by ridiculous sum (say $100m) by dragging things out for a few weeks, I bet youd do it (I would, and for WAY less coin). Read my purely spec timeline, as I guess assented to by Kirby. Link to comment Share on other sites More sharing options...
CodeMonkey Posted August 5, 2014 Share Posted August 5, 2014 (edited) Then why don't they freaking ask him and move forward. This is complete horse ****. I apologize. I don't mean to rant. We all know there is a reason that the "Toronto group" is called the Toronto group. It is all a charade on their part. No worries. But remember, what the trust and morgan stanley are both charged with doing is trying to maximize the sale price for the beneficiaries. Having one bidder for the final round is not a good way to do that, so they are trying to stir up more interested parties. Which can't be easy given the apparent location restrictions. It'll get there. This is a billion dollar high profile asset after all, not a pack of gum at the local Walmart That's why a "non-binding" bid was a stupid way of doing this. It backfired in their face when only 3 people responded. They are looking pretty dumb right about now. It should have been binding and they could still have the option of negotiating for more after that I can't argue with that. It seems they miscalculated the interest drop from the restrictions at the very least. Edited August 5, 2014 by CodeMonkey Link to comment Share on other sites More sharing options...
KevinL Posted August 5, 2014 Share Posted August 5, 2014 Since JBJ and the Toronto group have been asked to up there bid and guarantee keeping the Bills in Buffalo, would it be to surprising to see them pull out all together? Link to comment Share on other sites More sharing options...
Peter Posted August 5, 2014 Share Posted August 5, 2014 Tim Graham @ByTimGraham 3m As Bon Jovi group continues to sputter, Pegulas pulling away in Bills race http://bills.buffalonews.com/2014/08/05/bon-jovi-group-continues-sputter-pegulas-pulling-away-bills-race/ … Thanks Tim. This is more like it. It is time (as both John Kryk and Tim Graham have reported) for JBJ to save face and go back to New Jersey. He can try to buy someone else's team. The Pegulas have offered a substantial amount for the team, would easily be approved by the NFL, and are the favorites of the fans and the politicians in the state of New York. The decision seems so easy. Link to comment Share on other sites More sharing options...
Tyrod's Tailor Posted August 5, 2014 Share Posted August 5, 2014 I have to say, I don't detect the deep-seated hostility to the Bills from Tim Graham in this article that I've heard so much about. Link to comment Share on other sites More sharing options...
Peter Posted August 5, 2014 Share Posted August 5, 2014 Since JBJ and the Toronto group have been asked to up there bid and guarantee keeping the Bills in Buffalo, would it be to surprising to see them pull out all together? That is my fervent hope and desire. Save face while you can JBJ. Link to comment Share on other sites More sharing options...
YoloinOhio Posted August 5, 2014 Share Posted August 5, 2014 Buffalo Rumblings @BuffRumblings 3m Via @ByTimGraham, Bon Jovi's NFL friends advising him to bail to save face http://www.buffalorumblings.com/2014/8/5/5972259/nfl-owners-telling-bon-jovi-to-bail-to-save-face … Link to comment Share on other sites More sharing options...
Rubes Posted August 5, 2014 Share Posted August 5, 2014 Well, with Trump reportedly on the list for $1 billion, the trust will almost assuredly get what they are looking for -- a final sales price above $1 billion. Link to comment Share on other sites More sharing options...
Campy Posted August 5, 2014 Share Posted August 5, 2014 From the article: Sources close to the sale insist the Pegulas' pursuit has been flawless so far. The other groups are way behind and leaking oil well short of the finish line. Terry and Kim Pegula had the potential to be the perfect package as Bills owners from the start. Sources involved in the sales process and within the NFL claim the Pegulas' approach to bidding on the team has underscored their desirability. And this: Some of Bon Jovi's influential NFL friends -- he has close relationships with New England Patriots owner Robert Kraft and Dallas Cowboys owner Jerry Jones -- have advised him bail on his attempted purchase to save face. Link to comment Share on other sites More sharing options...
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