Orchard Park, N.Y. (WKBW) Interested buyers of the Buffalo Bills had to submit a formal letter-of-intent with a first non-binding bid by 5pm on Tuesday July 29th.
The financial firm of Morgan Stanley is handling the sale of the team and all potential bidders had to sign a non-disclosure agreement.
While it is unknown how many potential buyers submitted a bid, many Bills fans are wondering what happens next.
Eyewitness News spoke with several lawyers who explained that Morgan Stanley will now begin the process of weeding-out groups with low bids and those that don’t have the financial substance to back up their bids.
It is expected that the remaining bidders will then be presented more in-depth financial information about the Bills including meetings with team management.
At that point, another round of bidding will commence with the goal of finding a potential owner who will be approved by the NFL.
While some speculation suggest the process will move quickly in time for the NFL owners meeting in October - others disagree.
Former Buffalo Bills Attorney Ralph Halpern, who represented the team from 1973 to 1986, said he would not be surprised to see the vetting process of buyers continue until the end of the year - or even until the Super Bowl.
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