A group led by Toronto businessman Michael Andlauer has reached an agreement in principle to buy 90% and operational control of the Ottawa Senators hockey club.
The team made the announcement in a press release on Tuesday morning, after media reported the information early in the day.
The press release does not specify the amount of the transaction, but according to various media sources, it would amount to nearly one billion US dollars.
According to the statement, Anna and Olivia Melnyk, through the Melnyk estate, will retain a 10% stake in the club.
Subject to National Hockey League approval and completion of the sale process, Andlauer will assume control of the organization’s operations, the statement added.
Andlauer is the sole owner of the Hamilton Bulldogs, a junior club in the Ontario Hockey League, and a minority owner of the Montreal Canadiens.
The 57-year-old is also the founder and chief executive of Andlauer Healthcare Group, which owns healthcare supply chain companies, and the founder of Toronto-based investment bank Bulldog Capital Partners. .
Sportico and the everyday Ottawa Sun were the first to announce the transaction.
The Senators Sports&Entertainment board began the process of selling the team last November, following the death of owner Eugene Melnyk earlier in the year.
Melnyk left the franchise to his daughters, Anna and Olivia.
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