According to reports, Toronto billionaire, Michael Andlauer, has reached an agreement to buy the NHL’s Ottawa Senators for a little below $1 billion.
TSN reported that Andlauer’s group beat three other rivals and he will sell his 10 percent stake in the Montreal Canadiens to become the Sens’ biggest shareholder.
Also, Bruce Garrioch of Postmedia reported that the final sale price will be $950 million.
The Senators were earmarked for sale in November after Eugene Melnyk, who owned the franchise for around 2 decades, died in March 2022.
Reports have it that Melnyk’s daughters, Olivia and Anna Melnyk, retained a 10 percent ownership stake in the Senators as part of the sale.
One of the bidding groups was headed by Neko Sparks and included famous rapper Snoop Dogg and former WWE Superstar Dwayne “The Rock” Johnson.
The Remington Group included popular Canadian actor and owner of Wrexham FC soccer, Ryan Reynolds, but they pulled out of the bid to buy the Senators last month.
As part of Andlauer’s purchase, he was given “preferred bidder status” to build a new arena for the franchise in the LeBreton Flats area of Ottawa.
In 1992, the Sens entered the NHL as an expansion team and they have played in their present venue, Canadian Tire Centre since 1996.
The Senators have reached the playoffs 16 times, including 11 years in a row from 1996 through 2008 during their 30 years of existence.
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