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AP Source: NFL stadium sites explored in Toronto

By WTOP Staff

JOHN WAWROW
AP Sports Writer

BUFFALO, N.Y. (AP) — A Buffalo Bills prospective ownership group that includes rocker Jon Bon Jovi has conducted a feasibility study into buying the NFL franchise and building a stadium in Toronto, a person close to the situation said.

The study identified at least three potential stadium sites, two in Toronto, including one on the waterfront, and another in the suburb of Mississauga, the person told The Associated Press on Thursday. The person spoke to the AP on condition of anonymity because Bon Jovi and his partners, Larry Tanenbaum and the Rogers family, have not publicly revealed details of their plans to purchase the team.

Andy Bergmann, responsible for overseeing the Bon Jovi group’s stadium plans, confirmed Thursday in an email to the AP that his company has conducted stadium studies, “but nothing related to any specific site.”

“We have undertaken engineering and design studies,” wrote Bergmann, co-founder of Toronto-based Wessex Capital Partners, a growth equity investment firm that specializes in architecture, design and engineering services. “All of our work has been about a generic site and whether it was more rural or urban. We are aware of potential sites in the western NY and southern Ontario region, and are in fact meeting with two Buffalo area developers next week.

“No feasibility studies have been undertaken on any site to date.”

Tanenbaum is chairman of Maple Leaf Sports and Entertainment, which controls the NBA’s Raptors and NHL’s Maple Leafs. The Rogers family includes Edward Rogers, deputy chairman of Rogers Communications, the Toronto-based communications giant.

The Bills are being sold following the death of Hall of Fame owner Ralph Wilson in March.

Under terms of the team’s lease with the state and county, the Bills — including Wilson’s estate — are not allowed to negotiate with anyone, who to their knowledge, has an intention of relocating the team before the end of the 2022 season, when the lease ends.

The feasibility study was commissioned about 18 months ago and overseen by an investment bank, the person said, adding that one of the stadium construction costs was between $800 million and $900 million.

The Bon Jovi group has not said they would relocate the team, but Erie County Executive Mark Poloncarz told the AP on Wednesday that he has no doubt the group’s intentions are to move the Bills to Toronto.

“It is my personal opinion that any bid associated with the Toronto group has a long-term interest in moving the team to Toronto,” Poloncarz said, while attending Bills training camp in suburban Rochester, New York.

Thursday night, New York Lt. Gov. Robert Duffy posted several notes on his Twitter account and specifically mentioned Bon Jovi in sending a warning to any prospective ownership groups that might have plans of relocating the Bills.

“Note to JBJ: You will lose fans/all of WNY- forever. Not worth it,” Duffy said, referring to Bon Jovi and western New York. “Note to prospective owners: BUFFALO Bills. Don’t pick this fight.”

Duffy then referred to a clause in the Bills’ lease that provides the state and county an opportunity to seek court action to block negotiations between the team and any party that has expressed an intention of relocating the team during the lease. If the legal action failed and the Bills relocated during the lease, the state and county would be open to seeking a $400 million penalty as compensation.

“It would be a public relations disaster for any new owner to consider a move- and the 400m hit,” Duffy wrote in a post that included a link to the AP story.

The Bills most recently were valued by Forbes at $870 million. They are projected to be sold for at least $1 billion, partly because NFL teams rarely go on the market.

John Vrooman, a Vanderbilt professor who specializes in sports economics, said feasibility studies are standard practice among prospective ownership groups and there should be no immediate cause for alarm. He said such studies evaluate expected cash flows and best- and worst-case risk factors based on location.

Vrooman projected the Bills to be valued at between $950 million and $1 billion in western New York, and about $1.5 billion if they moved to Toronto and even more in Los Angeles.

The Toronto group is represented by Goldman Sachs, and is one of at least 10 groups to have submitted a nondisclosure agreement form to Morgan Stanley, the banking firm overseeing the Bills sale on behalf of Wilson’s estate.

Among those also listed as returning their forms are Buffalo Sabres owners Terry and Kim Pegula and New York City real estate mogul Donald Trump.

The next step comes Tuesday.

That’s when prospective bidders must submit to Morgan Stanley what’s called “a first letter of indication,” which includes their initial and non-binding bid to purchase the team, said a person familiar with the sale process. The person spoke to the AP on the condition of anonymity because the sale process is private.

The person said the firm will review the bids and determine which prospective groups will be eligible to proceed to the next stage of bidding.

The list of remaining groups allowed to move forward is anticipated to be identified by the end of next week, the person said. Those groups will then be granted further access to the Bills financial date to better determine their bid.

It’s possible that a prospective owner could be identified by as early as late August, and be presented to NFL owners for approval during league meetings in early October.

___

AP NFL website: www.pro32.ap.org and www.twitter.com/AP_NFL

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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