Ottawa Senators Have Found A Buyer, Will Sell For Record Sum

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It appears the Ottawa Senators have found their buyer, and they're about to be sold for a record-setting price.

Senators Sports & Entertainment announced that a group headed up by Toronto-based billionaire Michael Andlauer has entered a binding agreement to buy the team for $950 million.

According to NHL.com the estate of previous owner Eugene Melnyk will retain a 10% stake in the team.

Andlauer will assure control of the team's operations pending league approval and finalizing of the sale.

"My family and I are very excited to be a part of the Ottawa Senators Hockey Club," Andlauer said in a statement. "I believe that the Senators' fanbase is one of the most passionate in the league and I'm excited to take the franchise's success both on and off the ice to the next level.

"The short and long-term future of the team is incredibly bright, and I look forward to getting to know the team, the fanbase and the community."

Hamilton Bulldogss

Michael Andlauer also owns the OHL's Hamilton (temporarily Brantford) Bulldogs. (Photo by Dennis Pajot/Getty Images)

Andlauer Brings An Extensive Ownership Background

Andlauer doesn't carry the glitzy name recognition of some of the other potential buyers. However, he does have an extensive background in hockey ownership.

The billionaire has owned teams or been involved with teams at various levels.

He was the owner of the Hamilton Bulldogs which played in the American Hockey League between 2003 and 2015. Under his ownership, the Bulldogs won a Calder Cup in 2007 over the Hershey Bears.

Andlauer sold the Bulldgos to the Montreal Canadiens in 2015 but purchased the Ontario Hockey League's Belleville Bulls and moved them to Hamilton. The Hamilton Bulldogs won OHL championships in 2018 and 2022.

Additionally, Andlauer purchased a stake in the Canadiens in 2009.

Andlauer beat out bids from the likes of Ryan Reynolds as well as a group headed by LA-based businessman Neko Sparks, which included legendary rapper Snoop Dogg.

Follow on Twitter: @Matt_Reigle

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Matt is a University of Central Florida graduate and a long-suffering Philadelphia Flyers fan living in Orlando, Florida. He can usually be heard playing guitar, shoe-horning obscure quotes from The Simpsons into conversations, or giving dissertations to captive audiences on why Iron Maiden is the greatest band of all time.