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Monday, July 22, 2024
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Senators $950M Sale Will Reportedly Be Completed This Week

  • A group led by Michael Andlauer is buying the team for an NHL record $950 million.
  • The sale was agreed upon in June and could receive final approval within days.
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Marc DesRosiers-USA TODAY Sports

The Ottawa Senators appear to be on pace to officially welcome the team’s new owner ahead of the NHL preseason beginning this weekend.

In June, Michael Andlauer, a part-owner of the Montreal Canadiens, finalized an agreement to purchase the Senators from the estate of late team owner Eugene Melnyk for $950 million — a record sale price for an NHL team. Last month, the NHL’s executive committee greenlit the transaction, leaving just the league’s board of governors for final approval.

That last remaining step will be taken this week, according to the Ottawa Sun, with Andlauer potentially being formally introduced to the media on Wednesday. The Senators begin preseason play on Sept. 24 against the Toronto Maple Leafs.

Andlauer may have as many as eight limited partners filling out his new ownership group, per the Sun, including a 10% stake remaining with Melnyk’s daughters, Anna and Olivia. Additionally, Andlauer could end up netting $120 million from selling his reported 10% stake in the Canadiens.

Hitting The Ice

The conclusion of the Senators sale brings an end to a wild and lengthy process that included interest from bidders like Hollywood star Ryan Reynolds, rapper Snoop Dogg, Sacramento Kings owner Vivek Ranadivé, and entrepreneur Neko Sparks, who would have been the first Black owner in the NHL.

Melnyk died in March 2022 at the age of 62, and the Senators were put up for sale in November.

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