Senators Sports & Entertainment’s office of directors says the process to sell the club to the NHL is underway.
Galatioto Sports Partners, a firm specializing in sports finance and business advice, has been retained as financial advisor.
The Ottawa team mentioned in a press release that “the sale is conditional on the club remaining in Ottawa”.
Senators owner Eugene Melnyk died March 28 at age 62, following a long battle with illness.
He had previously indicated that he planned to hand over the team to his daughters, Anna and Olivia.
Melnyk bought the Senators in 2003 for US$92 million, when the team was bankrupt and its future looked bleak in the nation’s capital.
A recent study by Sportico, an organization that specializes in the financial side of sports, estimated the value of the Senators at $655 million.
Since Melnyk’s passing, the day-to-day operations of the team have been handled by the office of directors.
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