June 13 (UPI) — The Ottawa Senators, an NHL franchise, announced on Tuesday that renowned billionaire Michael Andlauer has signed an agreement to acquire 90% of the team.
The purchase, according to sources cited by the Ottawa Sun, Front Office Sports, and Sportico, is estimated to be nearly $1 billion, setting a new record as the highest sum ever paid for an NHL franchise. However, the deal is still pending approval from the NHL.
In a press release, Andlauer expressed his enthusiasm for becoming a part of the Ottawa Senators Hockey Club. He acknowledged the passion of the Senators’ fanbase and shared his eagerness to elevate the team’s success both on and off the ice. Andlauer added, “The future of the team looks incredibly bright, and I am excited to familiarize myself with the team, its fans, and the community.”
The late owner Eugene Melnyk’s daughters, Anna and Olivia Melnyk, will retain a 10% stake in the Senators. This ownership arrangement requires Andlauer, who currently owns a 10% share in the Montreal Canadiens, to divest his stake in the Canadiens.
Andlauer, the president and CEO of the Andlauer Healthcare Group, previously owned the Hamilton Bulldogs in the American Hockey League. In 2015, he sold the Bulldogs to the Canadiens and acquired the Belleville Bulls of the Ontario Hockey League, relocating them to Hamilton the same year.
Andlauer purchased his share in the Canadiens in 2009.
Melnyk bought the Senators in 2003 for $92 million. Unfortunately, he passed away on March 28, 2022, leaving the team to his daughters. Melnyk, who died from an undisclosed illness at the age of 62, was succeeded by his daughters as the sole owners of the franchise.
The original Ottawa Senators, founded in 1988, achieved a remarkable 11 Stanley Cup victories before the team relocated to St. Louis and disbanded after a single season (1934-35).
The current franchise adopted the name Ottawa Senators when it was established in 1992. Despite their rich history, the team has yet to win a Stanley Cup and has only made two playoff appearances since the 2013-14 season. However, they made significant progress last season with a winning record of 39-35-8, marking their first winning campaign since 2016-17.
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