Historic Sale of the Ottawa Senators to be finalized Thursday

Bruce Garrioch of the Ottawa Sun reported that, per his sources, Michael Andlauer and partners are set to officially sign for the sale of the Ottawa Senators on Thursday. This concludes what’s turned into a bit of a saga, following the Senators’ official offering of the club 10 months ago.

A slew of potential future owners of the Senators came forward in those 10 months, including a bidding group led by music artists Snoop Dogg and The Weeknd and one involving actor Ryan Reynolds. Other names rumored to be involved at one point or another included Toronto-based brothers Jeffery and Michael Kimel, founders of Harlo Entertainment.

But in the end, it was a part-owner of the Montreal Canadiens that stepped forward with the winning bid. As part of his journey to own the Senators, Andlauer had to complete a sale of his 10 percent stake in the Canadiens – with majority owner Geoff Molson purchasing those shares.

Andlauer’s bidding group includes Anna and Olivia Melnyk – daughters of the late Eugene Melnyk who will maintain a 10 percent stake in the team – Ottawa-based businessman Jeff York, the Ottawa real estate-based Malhorta family, the Toronto-based investment group Yorkville Asset Management, owners of Alinea Group Holdings Paul and Michael Paletta, and Rocco Tullio: the owner of the Oshawa Generals.

The group came together to offer a $950M (USD) bid, $150M more than a Forbes valuation that was cited by many outlets during much of the sale’s journey. This marks the highest price an NHL team has ever sold for.

Andlauer and his team are expected to announced as the official fourth owners in franchise history at a press conference on Friday, barring any last minute hiccups, per Garrioch.