The Ottawa Senators were put on sale last year after the death of owner Eugene Melnyk, and recent reports indicate that there is plenty of interest in the franchise. According to Sportico’s Eben Novy-Williams, there are currently nine bidders, with some of them submitting bids of over $900 million.
In case the Senators actually sell for more than $900 million, that would be a new record for an NHL franchise. The previous record was set by the Pittsburgh Penguins, who were bought by Fenway Sports Group for $900 million in 2021.
While the Senators are valued at $800 million, Novy-Williams points to several reasons why the sale of the franchise attracted plenty of bidders who are willing to offer much more. Considering that Canadian teams rarely hit the market, this is a unique opportunity for Canadian investors to buy a team that is based in their home country.
Additionally, the costs are a lot smaller compared to what it would take to buy an NFL or NBA franchise, while the Senators also offer “lucrative real estate opportunity” and are based in the country’s capital.
The Ottawa Senators were established in the early ‘90s as an expansion franchise and made their debut in the 1992–93 season. The team failed to qualify for the Stanley Cup playoff in its first four seasons but followed that up with 11 consecutive postseason trips. The Senators have four division championships to their name and one Stanley Cup appearance from 2006–07.