Everything you need to know, latest updates
After months of speculation and weeks of expressions of interest from alleged investors, Senators Sports & Entertainment has officially started selling the Ottawa Senators. The sale follows the death of former owner Eugene Melnyk, who died of an unspecified illness last March.
Senators Sports & Entertainment’s statement outlined some key details of the potential transaction — specifically that they had retained Galatioto Sports Partners as their financial advisors and that any sale would be contingent on it Senators remain in Ottawa.
Latest updates: Reynolds officially partners with Toronto-based real estate group
According to Postmedia reporter Bruce Garrioch, Canadian star actor Ryan Reynolds has reportedly teamed up with Vaughan, Ontario-based real estate developer The Remington Group to buy the Senators and build a new downtown arena.
The Toronto-area real estate company — one of Ontario’s biggest developers — has reportedly brought the 46-year-old as a partner in a group set to bid for the Senators and then build a new ice rink at LeBreton Flats in downtown Ottawa .
Reynolds, who is also part-owner of Welsh football club Wrexham it’s always sunny in Philadelphia Star Rob McElhenney publicly expressed interest in buying the Senators last fall. The Dead Pool However, the actor admitted that he would need partners to make it work financially.
Reynolds appears to have found his “sugar daddy” in The Remington Group, as talks are set to really intensify in the coming months.
Garrioch noted that among the frontrunners are Hamilton, Ontario billionaire Michael Andlauer, who owns the Hamilton Bulldogs of the OHL and part of the Montreal Canadiens, along with Toronto billionaires Jeffrey and Michael Kimel — formerly co-owners of the Pittsburgh Penguins — at the club buy.
As Garrioch revealed in his Question Period segment on TSN in early December, the NHL reportedly informed bidders that this was the case must involve Reynolds The deal signals the league aims to capitalize on the Vancouver native’s Hollywood cache.
At All-Star Weekend earlier this month, Commissioner Gary Bettman said at least 15 groups had submitted official applications to bid on the Ottawa NHL franchise, adding that the list of potential applicants “will be released in the next few weeks or so ” be limited. “
Who has expressed an interest in buying the Senators?
Interest in buying the Senators has been widespread, from local groups to celebrity bidders, among others who are no doubt trying to get their hands on the team.
Most recently, two OHL owners have reportedly joined forces to express interest. Hamilton Bulldogs owner Michael Andlauer and Oshawa Generals owner Rocco Tullio have partnered to buy the Senators, according to Ottawa Sun’s Bruce Garrioch.
Among the most prominent names tossed around is local businessman Roger Greenberg. As a partner of the Ottawa Sports and Entertainment Group, which owns the OHL’s Ottawa 67’s and the CFL’s Ottawa RedBlacks, Greenberg publicly stated back in April that he was interested in buying the hockey club as part of a group.
Additionally, Jeff York, an executive at Ottawa-based grocery retailer Farm Boy, has also expressed an interest after reportedly meeting with NHL Assistant Commissioner Bill Daly and setting up a group for an offer.
On Nov. 2, Garrioch reported that a number of potential buyers had surfaced, including Toronto-based brothers Jeffrey and Michael Kimel, who owned a minority stake in the Pittsburgh Penguins until the franchise was sold last year. Montreal-based billionaire André Desmarais, who was linked in 2016 to a bidding group for a new arena near Ottawa’s LeBreton Flats, was also touted as a potential suitor.
Perhaps the most prominent interest, as first reported by TSN’s Darren Dreger, is Canadian actor Ryan Reynolds, who already co-owns Wrexham FC, a Welsh football club. Reynolds further confirmed his interest in a November gig The Tonight Show with Jimmy Fallon.
Why are the senators being sold?
Rumors of an Ottawa Senators sale are nothing new to the franchise. Even under Eugene Melnyk’s ownership, the team was reportedly on and off the market, although nothing happened to the dismay of fans, who urged Melynk to sell the club.
However, the death of Melnyk ultimately set the wheels in motion for a sale. Melnyk’s daughters Olivia and Anna took control of the franchise through his estate, and while the club maintained the status quo this summer, the Senators’ board formally announced the move on Friday, saying it was what’s best for the club’s “future.” ” be a team.”
Who owns the senators?
While Olivia and Anna Melnyk are the official owners of the team, the club was represented by a board who was responsible for the day-to-day running of the club.
Sheldon Plener, quoted in the Senators Sports and Entertainment press release, serves as board chairman and senators governor and represents the club at events such as NHL Board of Governors meetings.
Plener’s history with the Senators dates back to Melnyk’s time as owner, where he served as the team’s deputy governor as well as Melnyk’s personal attorney.
How much are the senators worth?
According to a recent report by Sportico, the Senators are valued at $655 million. That valuation represents a league-high jump of 21 percent year-on-year, according to the report, and could result in the Senators being sold at a significantly higher price than Sportico’s valuation.
According to the Ottawa Business Journal, the Senators’ sale could fetch over a billion dollars if recent NHL ownership transactions are any indication.
Last year, the Pittsburgh Penguins were sold to Fenway Sports Group, owners of the Boston Red Sox and Liverpool FC, for $900 million, while the Nashville Predators were sold to former Tennessee Gov. Bill Haslam for $775 million. are to be sold.
League executives believe the sale could eventually reach the $2 billion mark when all is said and done. Potential owners can expect to buy not the Senators but also the Canadian Tire Center and commit to building a new arena at LeBreton Flats.
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