The family of the late Eugene Melnyk struck a deal to sell a 90% stake in the National Hockey League’s Ottawa Senators to Canadian entrepreneur Michael Andlauer, ending a monthslong auction that had attracted actor Ryan Reynolds and rapper Snoop Dogg.
The club didn’t give a value for the deal, which is still subject to final approval by the NHL. It’s worth almost $1 billion, Sportico reported earlier Tuesday, citing people familiar with the matter it didn’t identify.
In a statement, the team confirmed that Melnyk’s daughters, Anna and Olivia Melnyk, will retain a 10% interest in the franchise.
Andlauer is the chief executive officer of Andlauer Healthcare Group Inc., a supply chain company that serves the medical and pharmaceutical sectors and is based in a suburb of Toronto. His controlling block in that company is worth nearly C$1 billion ($752 million), according to Bloomberg calculations based on regulatory filings.
“The short and long-term future of the team is incredibly bright, and I look forward to getting to know the team, the fan base and the community,” Andlauer said in the statement.
Forbes recently estimated the Senators to be worth approximately $800 million, or 24th out of the league’s 32 teams. Among Canadian NHL franchises, only the Winnipeg Jets are less valuable.
In November, the Senators retained Galatioto Sports Partners to explore a sale. Reynolds’ consortium, led by the Remington Group, sought an exclusive window to complete a deal but was denied, ESPN reported last month.
