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The Ottawa Senators are on the market.
The family of the NHL team’s late owner Eugene Melnyk — who purchased the team for $92 million in 2003 to save it from bankruptcy — has reportedly hired Galatioto Sports Partners to explore a sale of the franchise. The bank is also involved with the Los Angeles Angels sale.
Melnyk died in March and left the team to his children, Anna and Olivia, who are less than 25 years old.
- The team is currently run by a three-person board.
- Forbes last valued the Senators in December at $525 million — a 22% year-over-year increase but still ranking 28th in the 32-team league.
It’s unclear how high a price the team could command.
Moving Forward
In June, the Senators reached a memorandum of understanding with the National Capital Commissions and a group of partners for an arena in the LeBreton Flats area downtown.
The project still needs to clear a few hurdles, but the NCC aims to reach a long-term land-lease agreement by the fall of 2023.
The team’s last season at the Canadian Tire Centre, which is around 16 miles from the city’s downtown center, had the lowest average attendance in the league. This season, the team is averaging 15,017 — 26th in the league.
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