Monday December 4, 2023

Ottawa Senators Sale Hits Speed Bump

  • Galatioto Sports Partners reportedly won't be ready to open the due diligence website for likely two more weeks.
  • The website is where potential buyers can look at the club's financials.
Marc DesRosiers-USA TODAY Sports
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It may be a while before the Ottawa Senators have a new owner.

Galatioto Sports Partners won’t be ready to open the due diligence website — where potential buyers can look at the club’s financials — for likely two more weeks, according to the Ottawa Sun.

The NHL was initially hoping to know the potential new owner by mid-January but reportedly wants to make sure everyone is vetted prior to the website’s launch. 

  • Potential bidders will have access to financials, including revenue from corporate deals and ticket sales.
  • They will be able to see the debt the current owner’s estate is holding against the club.
  • The team’s memorandum of understanding will also be available. 

Last month, NHL commissioner Gary Bettman said more than a dozen parties were interested in looking at the books.

Forbes valued the Senators at $800 million in December, a 52% year-over-year increase.

Sale Sign

The team’s late owner Eugene Melnyk purchased the team for $92 million in 2003 to save it from bankruptcy. He died in March, leaving the team to his daughters, Anna and Olivia, who are both younger than 25.

The team was put up for sale in November. 

The Ottawa Sun reported the new owner may not be known before March. It was reported in November that Ryan Reynolds is “very interested” in buying the team.

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