Orchard Park, NY (WBEN) The Buffalo Bills today announce that Morgan Stanley has been retained to serve as financial adviser and Proskauer Rose has been engaged to serve as legal adviser during the sale process.
This sale process will be designed to ensure that the club continues to comply with, and remains faithful to, its obligations under the NFL’s rules and regulations as well as its obligations to New York State and Erie County pursuant to the Ralph Wilson Stadium lease.
What will Morgan Stanley do? "They'll look at the different offers, make recommendations of whether buyer group x has the financial ability to pay all the bills," says Roy Cunningham of Lippes, Mathias, Wexler, Friedman. "They'll be vetting out offers and handle some of the diligence matters within the Bills organization."
Cunningham says Proskauer Rose will handle issues such as legal exposure from the sale from a buyer's perspective, with respect to lawsuits and contract with vendors. "They'll be the people structuring the stock purchase agreement, the people who will be legal counsel on the sale," notes Cunningham.
It is anticipated that the transaction team will begin contacting prospective buyers within the next 30 days.
Bills President and CEO Russ Brandon said, “We are pleased to have been able to assemble, as our transaction team, two experienced and talented firms in the specialized field of sports mergers and acquisitions, Morgan Stanley and Proskauer Rose, to be involved in our sale process.”