A group led by Toronto-based businessman Michael Andlauer has reached an agreement in principle to purchase the NHL’s Ottawa Senators for close to US$1 billion, according to media reports.
Andlauer is the sole owner of the Ontario Hockey League’s Hamilton Bulldogs and a minority owner of the Montreal Canadiens.
The 57-year-old is also the founder and chief executive officer of Andlauer Healthcare Group, which owns health-care supply chain companies, and the founder of Toronto-based merchant bank Bulldog Capital Partners.
Sportico and the Ottawa Sun first reported the sale.
The board of directors of Senators Sports & Entertainment initiated the process to sell the team last November after the death of owner Eugene Melnyk earlier that year.
Melnyk left the franchise to his daughters, Anna and Olivia.
A recent valuation by Forbes listed the Senators at $800 million, 24th out of the NHL’s 30 teams.
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