A Canadian-led group, spearheaded by businessman Michael Andlauer, has successfully acquired a 90% stake in the NHL's Ottawa Senators from the Melnyk family. The transaction, valued at approximately $1 billion, aligns with NHL Commissioner Gary Bettman's projected sale price for the franchise.
Sheldon Plener, Senators chairman and governor, expressed enthusiasm about Andlauer's acquisition, highlighting his passion and commitment to the Ottawa community. He believes this marks a significant milestone for the National Capital Region.
The Melnyk family, represented by the late Eugene Melnyk's daughters, Anna and Olivia, will retain a 10% ownership interest. Eugene Melnyk passed away in March 2022.
Andlauer, 57, brings a wealth of business experience to the Senators. He is the founder and CEO of a healthcare-focused transportation group and established a Toronto-based private equity firm. His prior involvement in hockey includes ownership of the AHL's Hamilton Bulldogs and the OHL's Belleville Bulls (relocated to Hamilton). Currently, he holds a minority stake and serves as an alternate governor for the Montreal Canadiens, a position he must relinquish before finalizing the Senators purchase, pending approval from the NHL Board of Governors.
Andlauer expressed his excitement about joining the Senators organization, recognizing the passionate fanbase and aiming to elevate the team's performance both on and off the ice. He anticipates engaging with the team, fans, and the broader community.
Currently valued at $800 million by Forbes (ranking 24th among 30 NHL teams), the Senators' sale attracted significant attention, with bids from prominent figures like Ryan Reynolds, The Weeknd, and Snoop Dogg. Andlauer and his minority ownership group will now focus on securing a downtown location for a new arena, replacing the current suburban venue that has served as the Senators' home since 1996.
Commissioner Bettman recently commented on the perceived undervaluation of NHL franchises, suggesting that the league's competitive balance contributes to a higher inherent value that isn't always reflected in public valuations. He believes the Senators' sale price is a sign that this value is starting to be recognized.
