Senators Sports & Entertainment, the owners of the Ottawa Senators, announced on Friday that the NHL franchise is up for sale.
Team chairman Sheldon Plener released a statement on the matter, explaining this as “a necessary and prudent step to connect with those deeply interested parties who can show us what their vision is for the future of the team.”
The decision to sell the team comes after the passing of Senators owner Eugene Melnyk, who passed away from illness at the age of 62 on March 6. He expressed his will to leave the team to his daughters, Anna and Olivia.
In order to advance the sales process, the Senators’ board of governors is expected to convene in December in Florida. Sources revealed that due to the involvement of additional layers such as background checks, it is unlikely that a sale would be approved during this meeting. Instead, the sale of the team is expected to be a months-long process.
Guiding the sales process is Galatioto Sports Partners, a firm specializing in sports financing, that was appointed for this role by the Senators. Galatioto is expected to be the team’s financial advisor throughout the sales process. A recent valuation from sports-business news outlet Sportico listed the Senators’ price tag as $655 million.