NHL Rumors: Ottawa Senators to Be Sold for $950M to Michael Andlauer's Group

Toronto billionaire Michael Andlauer reportedly reached an agreement to buy the NHL's Ottawa Senators on Tuesday for just shy of $1 billion.

According to TSN, Andlauer's group beat out three other bids, and he will have to sell his 10 percent stake in the Montreal Canadiens to become the Sens' controlling shareholder.

Bruce Garrioch of Postmedia reported that the final sale price is expected to be $950 million.

The Senators were put up for sale in November after Eugene Melnyk, who owned the franchise for nearly 20 years, died in March 2022.

Melnyk's daughters, Olivia and Anna Melnyk, reportedly retained a 10 percent ownership stake in the Senators as part of the sale.

One of the other groups that bid on the Senators was headed by Neko Sparks and included legendary rapper Snoop Dogg, as well as former WWE Superstar and current acting megastar Dwayne "The Rock" Johnson.

The Remington Group included Canadian actor and Wrexham FC soccer owner Ryan Reynolds, but they pulled out of the running to buy the Senators last month.

As part of Andlauer's purchase, he was reportedly given "preferred bidder status" to build a new arena for the franchise in the LeBreton Flats area of Ottawa.

The Sens entered the NHL as an expansion team in 1992, and they have played in their current venue since 1996, presently known as the Canadian Tire Centre.

During their 30 years of existence, the Senators have reached the playoffs 16 times, including 11 years in a row from 1996 through 2008.

They have yet to win a Stanley Cup, but they did reach the Cup Final in 2007, falling to the Anaheim Ducks.

Ottawa has missed the playoffs in each of the past six seasons, but it finished with 86 points this past season, leaving it just six points out of a playoff spot.

The Sens have a talented, young core led by Brady Tkachuk, Tim Stützle, Alex DeBrincat and Jakob Chychrun, and with Andlauer giving the franchise some stability, they could be on the verge of another golden age.