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AP source: Golisano submits bid to buy Bills

By WTOP Staff

JOHN WAWROW
AP Sports Writer

BUFFALO, N.Y. (AP) — Former Buffalo Sabres owner Tom Golisano has entered the running to purchase the Buffalo Bills.

A person familiar with the sale process confirmed to The Associated Press on Thursday that Golisano submitted a non-binding bid to Morgan Stanley, the banking firm overseeing the sale. The person spoke on the condition of anonymity because the sale is private.

The Buffalo News first reported Golisano’s entry earlier in the day.

The Bills are on the market after Hall of Fame owner Ralph Wilson died in March.

Golisano’s addition comes at the same time the sale process moved into the next phase after Bills officials began meeting with prospective ownership groups that had already submitted their non-binding bids.

Two other people familiar with the process said New York real estate mogul Donald Trump was first up, by attending a lengthy presentation in the Detroit-area on Wednesday.

Current Sabres owners Terry and Kim Pegula, and a Toronto-based group fronted by rocker Jon Bon Jovi are also scheduled to attend presentations.

The presentations provide prospective buyers an opportunity to receive extensive financial and background information on the franchise in order to prepare their formal bids, which are expected to be submitted within three weeks.

A prospective owner is expected to be identified by the end of next month, and then presented to NFL owners for approval at league meetings in New York in early October.

Hall of Fame quarterback Jim Kelly and his brother Dan Kelly, who runs the family’s business interests, have also been invited to a presentation. Though the Kellys have expressed interest in purchasing the team, it’s unclear if they have submitted a bid or have linked up with another ownership group.

Golisano had first indicated an interest in purchasing the Bills in May. Though Golisano now lives in Florida, he is from western New York, and made his fortune establishing the Rochester-based payroll firm, Paychex.

He purchased the Sabres out of bankruptcy in 2003, before selling the team to Pegula in 2011.

Golisano’s net worth was most recently valued by Forbes to be $1.9 billion.

Though prospective buyers had until July 29 to submit their non-binding bids, Morgan Stanley extended the deadline to allow for other groups to enter the running.

The Pegulas and Trump are considered the front-runners. Both have the assets to complete what is expected to be a $1 billion-plus purchase, and they also have expressed a commitment to keep the Bills in western New York.

Terry Pegula was last valued by Forbes to have a net worth of $3.3 billion. That was before Pegula closed a $1.75 billion deal on Tuesday to sell about 75,000 acres of drilling rights to American Energy Partners.

Trump was last valued with a net worth of $3.9 billion. That does not include his holdings in numerous properties, including several high-profile golf resorts he recently purchased.

The Bon Jovi-fronted group is made up of Toronto-based partners, Larry Tanenbaum, chairman of Maple Leaf Sports and Entertainment, and the Rogers family, which controls Rogers Communications.

However, it’s unclear whether Bon Jovi has the liquid assets to buy the Bills if the sale price goes above $1.2 billion.

Under NFL rules, a principle owner must have enough cash and use no more than $200 million in debt-financing to hold a minimum 30 percent ownership stake.

Forbes most recently valued Bon Jovi’s net worth at $290 million.

Bon Jovi also faces questions about his long-term intentions to keep the team in the Buffalo area, which is a prerequisite in the sale process.

Last weekend, Bon Jovi had a letter published in The Buffalo News stating that his objective was “to carry on the legacy of Ralph Wilson and make the Bills successful in Buffalo.”

He didn’t state in the seven-paragraph letter that he was committed to keeping the franchise in Buffalo. The only commitment Bon Jovi provided was working with state and local officials to identify a site for a potential new stadium.

The letter was received with much skepticism in Buffalo and among Bills fans, who fear Bon Jovi eventually intends to relocate the team to Toronto.

Under the current lease, reached in December 2012, the Bills would incur a $400 million penalty for broaching the prospect of moving during the 10-year agreement. There is a one-time exception that would allow the Bills to break the agreement for just under $28.4 million in 2020.

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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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