It’s done. It’s FINALLY done. The Ottawa Senators have been sold. They’ve been sold to Michael Andlauer. Here’s everything you need to know.
The Sens sell for close to 1 billion dollars
As reported by Bruce Garrioch of PostMedia, the agreed upon price to purchase the Sens was 950 million USD. This puts the purchase of the Ottawa Senators as the highest price for an NHL team so far. This deal easily hikes up the value of every other NHL team, making this a good day for the business side of the NHL.
Theoretically speaking, the deal is not officially closed. Andlauer has been selected as the “preferred bidder” and now the NHL Board of Governors (one rep per NHL Team) has to vote on this deal, and 2/3rd of the 31 voting parties have to approve. This will be a non issue as the Board of Governors likes Andlauer and likely wants this deal done as much as everyone else. This vote will likely happen at their next session of meetings in June 22nd, although it could happen sooner.
Essentially what this means is that the other bids (led by Neko Sparks and the Kimel family) have been officially eliminated from the process. If by chance the Board of Governors reject Andlauer’s purchase, the Melnyk Estate will be forced to circle back. The Melnyk family is also retaining 10% of the team.
Clearly Michael Andlauer will not foot the entire 950 million dollar price himself. He’s gathered a group of investors to help pay this bill. He has gathered a group of 15 Ottawa based investors/business owners. It is too early to know each participant but it’s been confirmed that Jeff York, the founder and owner of Farm Boy and and Yorkville Asset Management has been brought to the fold. Bill Malhotra, of Claridge Homes is also involved in this deal.
Steve Staios is believed to be hired in a Hockey Ops Role (either GM or PoHO)
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It’s finally (almost) over.
As I previously said, this thing is not over. A few things need to happen for it to be a closed deal. The Board of Governors have to vote and accept this bid, and Andlauer’s group will have to agree on their specific distribution of ownership and all that fun stuff, but that’s going to happen soon.
Michael Andlauer is the owner of the Ottawa Senators.