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Sunday, June 16, 2024

Billionaire Canadiens Minority Owner Reported Favorite to Buy Senators

  • In December 2021, the Senators were valued at $525 million, per Forbes.
  • The valuation ranks the team 28th out of 32 NHL franchises.
Marc DesRosiers-USA TODAY Sports

The NHL’s Ottawa Senators may have found their new owner. 

Billionaire Michael Andlauer has reportedly emerged as the frontrunner to purchase the Senators after the team was placed on the market last week by the two daughters of late former team owner Eugene Melnyk — who bought the Senators for $92 million in 2003. 

Earlier this month, the Melnyk family reportedly hired financial services firm Galatioto Sports Partners to facilitate a sale. Galatioto is also involved in the sale of MLB’s Los Angeles Angels. 

Andlauer, founder and CEO of Andlauer Healthcare Group Inc., has relationships with NHL commissioner Gary Bettman and team owners as a minority partner of the Montreal Canadiens. Andlauer — who joined a consortium led by the Molson family that acquired the Canadiens for $575 million in 2009 — has made plans to sell his stake in the franchise. 

  • In December 2021, the Senators were valued at $525 million, per Forbes.
  • The valuation ranks the team 28th out of 32 NHL franchises.
  • Several bidders are expected to submit offers worth at least $655 million.

Actor and Wrexham AFC co-owner Ryan Reynolds has expressed interest in buying the Senators, according to People, though noting that he would need a consortium of investors with “very deep pockets” to complete a sale. 

New Home 

In June, the Senators reached a memorandum of understanding with the National Capital Commissions and a group of partners for a new arena.

The Senators plan to build the facility in downtown Ottawa, with a long-term land-lease agreement expected to be reached in 2023.

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