Ottawa Senators 'officially for sale:' report
The Ottawa Senators have retained a bank to explore a sale of the team, sports business publication Sportico is reporting.
Late owner Eugene Melnyk’s family has hired Galatioti Sports Partners, a New York-based bank that provides advisory services to the sports industry. Sportico cited multiple people familiar with the plans, who were granted anonymity because the details are private.
Melnyk’s daughters Anna and Olivia took over the Senators after their father passed away in March due to illness. The franchise is being run by a three-person board of directors.
A Senators spokesperson told CTV News the organization has no comment on the report.
Sportico valued the Senators at $655 million U.S., a 21 per cent jump in the past year, the largest in the NHL.
It’s unclear how much the team would fetch in any potential sale. The Pittsburgh Penguins sold for a $900 million U.S. last year. The Nashville Predators are set to sell for $775 million U.S.
There is reportedly significant interest in the Senators. Roger Greenberg, the executive chairman of Minto Group and the Ottawa Sports and Entertainment Group, told CTV News in April his family would “likely participate” in new ownership if the team goes up for sale. OSEG owns the Redblacks and 67's.
In June, the Senators and the National Capital Commission reached a memorandum of understanding to build a new arena for the team at LeBreton Flats, just west of downtown Ottawa.
Eben Novy-Williams, the Sportico reporter who broke the story, said there was an expectation in the hockey and sports investment world that the Senators would hit the market in the near future.
“I think we’re weeks and maybe even months away from formal bids and getting a real sense of who is interested, and maybe more importantly where those bidders are located,” he told CTV News. “Now that there’s a banker, there’s people from them to reach out to and start the formal process.”
A new stadium at LeBreton Flats will be key for any potential buyer, Novy-Williams said. He also noted that NHL valuations have been growing across the board.
“There’s never been a better time to sell the Ottawa Senators than right now. I’m sure that’s part of the decision-making process right now for the Melnyks,” he said. “Valuations are soaring, and as a result they’re going to get something probably close to an NHL record for this team when they do finally pull the trigger and sell it.”
And although the news on Tuesday set off speculation about whether the franchise will stay in Ottawa—including long-held rumours that Houston Rockets owners Tillman Fertitta would like an NHL franchise in that city—Novy-Williams said he believes the team isn’t going anywhere.
“I would be shocked if this team is not in Ottawa. It’s a good market, it’s Canadian market … I think unless there isn’t a single Canadian or Ottawa group that is offering a competitive number, I’m 90, 95 per cent sure this team stays.”
Members of Galatioto Sports Partners have been involved in more than 100 transactions for major North American and international sports franchises, according to its website.
Sportico launched in June 2020 and calls itself “the default resource for professionals seeking the latest and highest quality news and information in the $500 billion worldwide sports industry.”
CTVNews.ca Top Stories
4th Indian national arrested, charged with murder of Hardeep Singh Nijjar
Homicide investigators in B.C. say murder charges have been laid against a fourth Indian national in connection to the killing of Sikh activist Hardeep Singh Nijjar outside a Surrey gurdwara last year.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
Man ticketed after allegedly trespassing again at Drake's Bridle Path mansion to get his bike
A man who tried to access Drake’s Bridle Path mansion earlier this week returned to the property Saturday and was apprehended again for allegedly trespassing, Toronto police say.
Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Millions of Canadians have been exposed to potentially toxic chemicals, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
Biden calls Trump 'unhinged,' says 'something snapped' in former president after he lost 2020 U.S. election
U.S. President Joe Biden on Saturday called Donald Trump “clearly unhinged” and claimed that “something snapped” in the former president after he lost the 2020 election.
Wildfire that forced evacuation of Fort Nelson, B.C., caused by tree falling on wires, mayor says
The wildfire that prompted the evacuation of more than 3,000 people near Fort Nelson, B.C., was caused by a tree falling on wires, according to the municipality's mayor.
Switzerland's Nemo wins 68th Eurovision Song Contest
Swiss singer Nemo won the 68th Eurovision Song Contest on Saturday night with 'The Code,' an operatic ode to the singer’s journey toward embracing their nongender identity.
IN PICTURES Northern lights dance across the night sky in southern Ont.
From London, to Grand Bend, Collingwood and Guelph, here are some highlights of Friday night and Saturday morning's northern lights display.