A group led by Toronto-based businessman and Hamilton Bulldogs owner Michael Andlauer has reached an agreement in principle to purchase the NHL team, the Senators have announced.
Terms of the deal weren’t released, but reports from Sportico and Postmedia value the deal at close to US$1 billion.
Andlauer is the sole owner of the Ontario Hockey League’s Hamilton Bulldogs and a minority owner of the Montreal Canadiens and is also backed by former Pittsburgh Penguins minority owners Michael and Jeffrey Kimel and Canadian music star The Weeknd.
The 57 year-old is also the founder and chief executive officer of Andlauer Healthcare Group, which owns health-care supply chain companies. He’s also the founder of Toronto-based merchant bank Bulldog Capital Partners.
The board of directors of Senators Sports & Entertainment initiated the process to sell the team in November after the death of owner Eugene Melnyk.
Melynk’s adult daughters, Anna and Olivia, will retain a 10 per cent stake in the club.
The protrcated sale also involved Pickering Casino developer Steve Apostolopoulos (supported by Oshawa Generals owner Rocco Tullio) and Los Angeles producer Neko Sparks, who has hip hop superstar Snoop Dog on board as well as First Nations organizations in Canada that have been promised a seat at the table.
The Remington Group, an early favourite whose bid was supported by Hollywood actor Ryan Reynolds, dropped out of the race last month.
This report by The Canadian Press was first published June 13, 2023.