Ottawa Senators sale set to close Thursday, Michael Andlauer will become official owner of the franchise
The sale of the Ottawa Senators to Michael Andlauer will close this Thursday, according to Bruce Garrioch of Postmedia.
Vote to approve Andlauer by the NHL’s Board of Governors has occured electronically over the past few days. His first Board meeting as Sens’ owner will occur early in October in NYC. https://t.co/TybuX1fy7L
— John Shannon (@JShannonhl) September 21, 2023The closing of the sale will occur after the transaction was recently approved by the NHL’s executive committee. Aside from any unforeseen circumstances, the expectation is Andlauer will be introduced with his partners at a press conference Friday at the Canadian Tire Centre.
A group spearheaded by the Toronto billionaire along with his various partners won the bidding war for the franchise this past June. They’ll be purchasing the Senators for just under an NHL-record $950 million.
With the purchase being finalized Andlauer is now forced to sell his 10 percent share in the Montreal Canadiens as part of taking over the Senators. Andlauer’s stake in the Canadiens will be placed in a trust due to the inability for one owner to own multiple stakes in several NHL organizations if his ten percent share cannot be sold during the appropriate window.
Four bids were initially submitted to purchase the Senators prior to the May 15 deadline. The offer put together by Andlauer and his partners eventually beat out the celebrity-filled bid from Neko Sparks.
The 57 year old Andlauer becomes only the fourth owner in the Ottawa Senators history moving forward. His partners in the sale have been invited to attend the news conference set for this upcoming Friday, but there’s no guarantee they’ll all be there.
“Andlauer’s partners in the deal include Anna and Olivia Melnyk, the late Eugene Melnyk’s daughters, who retain a 10-per-cent share in the franchise; Local businessman Jeff York, a partner in Farm Boy and Sobey’s, put together a group with 20-plus investors; The Malhotra family, owners of Ottawa home builder Claridge Homes; Paul and Michael Paletta of Burlington-based Alinea Group holdings, who have been partnered with Andlauer since he initially pursued the franchise last November; and Oshawa Generals owner Rocco Tullio has also made an investment.”
Anna and Olivia Melnyk took over the franchise after Eugene, the longtime Senators’ owner passed, away in March 2022. The team was officially listed for sale last November and a new ownership group will finally be at the helm moving ahead.