*Photo from Itinerant Fan*
The selling process is almost over now. A group led by Toronto billionaire Michael Andlauer has reached an agreement to purchase the Ottawa Senators, according to an announcement by the team on Tuesday.
With the sale, Andlauer will become the majority owner of the team. The purchase is coming in at just under $1 billion, with the team being sold for $950 million. The sale is pending approval from the NHL board of governor's and commissioner Gary Bettman.
In a statement, Andlauer said that "My family and I are very excited to be a part of the Ottawa Senators hockey club. I believe that the Senators' fan base is one of the most passionate in the league and I'm excited to take the franchise's success both on and off the ice to the next level. The short and long-term future of the team is incredibly bright, and I look forward to getting to know the team, the fan base, and the community."
Andlauer has some familiarity to the NHL, as he is currently a minority stakeholder in the Montreal Canadiens as well as a member of the board of governor's. Before the sale can be approved, he will have to sell his stake in the Canadiens.
Chairman and governor of the Senators Sheldon Plener said in a statement that "We are very pleased to announce that we have entered into an agreement to sell controlling interest of the Senators to Michael Andlauer. Michael represents everything we could have hoped to find coming into this process - a passionate owner who is committed to Ottawa. I want to thank Anna and Olivia Melnyk for their dedication and support to the board of directors and executors of the estate during this process. We would also like to recognize the ongoing efforts of the National Hockey League and the outstanding work of Galatioto Sports Partners. We believe it is a momentous day for the National Capital Region."
In the sale process, 4 different groups submitted bids to the NHL before the deadline of May 15. Before the sale to Andlauer was announced, it was reportedly down to his group and a group headlined by Jeffrey and Michael Kimel of Harlo Capital.
Following the death of previous owner Eugene Melnyk, his daughters Anna and Olivia decided to put the team up for sell in November of 2022. They will keep a minority stake in the team and the stipulation of the deal to sell was for the Senators to remain in Ottawa.
Comments
Post a Comment