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Matt Rourke / The Associated Press file Jon Bon Jovi, shown in 2008 when he owned the Arena League's Philadelphia Soul

Report: Bon Jovi Parts Ways with Toronto Bidding Group

(WBEN) -- A new report says Jon Bon Jovi is out of the bidding for the Buffalo Bills with the Toronto group.

The New York Post reports, according to sources close to the situation, that the rocker and the Toronto bidding team have gone their separate ways.

The paper says the remaining members of the Toronto group -- including the Rogers Communication family and Maple Leafs Sports and Entertainment chairman Larry Tanenbaum -- now believe they are in better financial position to succeed without Bon Jovi.

Bon Jovi's net worth is estimated at $300 million. Being a principle owner and having to reach the 30 percent threshold for acquiring the team made it difficult to compete with Sabres owner Terry Pegula's bid. Without him, they can bid up to $1.2 billion or more, the article says.

The Post says Donald Trump is still in the bidding. Final bids are due next week.

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Topics : Business_Finance
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Locations : Toronto
People : Donald TrumpJon Bon JoviLarry TanenbaumTerry Pegula
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