• Loading stock data...
Thursday, November 7, 2024
DEADLINE EXTENDED: The Best Employers in Sports survey is now open through Nov. 13 Learn More

Sacramento Kings Owner Joins Bidding to Buy Ottawa Senators

  • Kings owner Vivek Ranadivé is one of seven finalists to buy the Senators.
  • The Senators could sell for more than $1 billion, breaking the record for an NHL team.
Ottawa Senators sale.
Kyle Terada-USA TODAY Sports

Sacramento Kings owner Vivek Ranadivé is one of seven finalists bidding to buy the Ottawa Senators, Front Office Sports confirmed.

FOS reported earlier this week that bids are expected to fetch more than $800 million when they hit the market in November. Still, sources said that bidding has already eclipsed that mark — and could even hit $1 billion. Final bids are due May 15.

The Sacramento Bee was the first outlet to report Ranadivé was among the finalists for the Senators.

The reported target would be the largest price ever paid for an NHL franchise, surpassing Fenway Sports Group’s $925 million payment to buy the Pittsburgh Penguins in 2021.

The Remington Group — which includes Canadian actor and Wrexham AFC co-owner Ryan Reynolds — is among the finalists.

A stipulation for a potential Senators’ sale is that the team remains in Ottawa. The team was put up for sale following the passing of longtime owner Eugene Melnyk in March 2022.

Ranadivé originally made his fortune as the founder of the business intelligence firm TIBCO Software. He led an ownership group in 2013 that bought the Kings for $534 million, a record for an NBA team sale at the time. 

The Kings are now reportedly worth more than $2 billion. Kings home games have been the NBA’s hottest playoff ticket as the team made its first postseason appearance in 17 years. Ranadivé holds a stake in the Sacramento River Cats minor league baseball team. 

Senior reporter A.J. Perez contributed to this report.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

TNT Sports Fuels WBD’s Surge As Max Hits 110.5M Subscribers

The TNT Sports parent company saw its stock price rise early Thursday.

Lululemon-Fanatics Collab With NHL Sees ‘Explosive’ First-Day Sales

The premium collection made up 80% of all NHL merch sales.
Feb 1, 2024; Toronto, Ontario, CANADA; Team King defender Savannah Harmon (15) scores against Team Kloss goaltender Nicole Hensley (29) during the PWHL 3-on-3 Showcase during NHL All-Star Thursday at Scotiabank Arena.

PWHL Will Add Two Teams in Expansion Move

Possible new sites include Detroit, Pittsburgh, and Quebec City.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
podcast thumbnail mobile
Front Office Sports Today

Is Trump Recruiting Sports Figures for Future Cabinet?

0:00

Featured Today

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Sep 28, 2024; Tuscaloosa, Alabama, USA; GOP Presidential candidate Donald Trump waves flanked by former Georgia Bulldogs player Herschel Walker, recording art Kid Rock, professional golfer John Daily, Alabama senators Tommy Tuberville (R) and Katie Britt (R) during the second half of the game between the Alabama Crimson Tide and the Georgia Bulldogs at Bryant-Denny Stadium.
November 1, 2024

Mission Swing State: College Football’s Political Advertising Battle

Trump, Harris, and the PACs that support them are utilizing the sport.
October 31, 2024

The Untapped Revenue ‘Powder Keg’ of Women’s NFL Fandom

There’s a “boatload” of money at stake for brands and the league.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
September 18, 2024

Rogers Tightens Grip on Canadian Sports With $3.46B MLSE Stake

The Blue Jays owner makes a big move to corner most of the Toronto pro sports market.
Fans watch TV screens during a game viewing party for fans at the FanDuel Sportsbook at Meadowlands Racing & Entertainment in East Rutherford, New Jersey.
September 18, 2024

FanDuel Parent Buys Italian Gambling Company in Bid for Growth

Flutter is making big moves in Italy and Brazil.
September 12, 2024

Team USA’s Uniform Maker Is Shooting for a Long-Term Win

This week’s uniforms are honoring the Armed Forces.
September 5, 2024

Amazon Nears Game-Changing Deal to Stream Bally Sports Content

The online retail and streaming giant nears a long-expected deal to stream most of Diamond Sports Group’s content.