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Sunday, April 21, 2024
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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Ranadivé originally made his fortune as the founder of the business intelligence firm TIBCO Software.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.

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