The Ottawa Senators Are Officially Up For Sale [Report]
The post The Ottawa Senators Are Officially Up For Sale [Report] appeared first on NHL Trade Talk. The Ottawa Senators are reportedly up for sale as the family of late owner Eugene Melnyk has hired a firm to help sell the team. The post The Ottawa Senators Are Officially Up For Sale [Report] appeared first on NHL Trade Talk.
The post The Ottawa Senators Are Officially Up For Sale [Report] appeared first on NHL Trade Talk.
According to multiple reports on Tuesday, the Ottawa Senators are going up for sale. The news comes seven months after the death of the teamâs owner, Eugene Melnyk.
News of the sale was broken by Los Angeles-based Sportico (behind a paywall), and they note that multiple people familiar with the plans for the club say that the family of Melnyk have hired Galatioto Sports Partners to help facilitate the sale. They have âalready interviewed sell-side bankersâ and âthere is significant interest in the franchise,â writes Bruce Garrioch of the Ottawa Sun. Galatioto declined to comment or confirm they had been hired. NHL deputy commissioner Bill Daly said he couldnât comment and Senatorsâ representatives werenât able to comment on the matter either.
The estimated value of the franchise is $655 million U.S. according to Sporticoâs most recent valuations.
If the team does sell for the $655 million price tag, it would be among the highest prices ever paid for an NHL franchise. The Pittsburgh Penguins franchise was valued last year at $900 million. It was purchased by Fenway Sports Group.
Eric Macramella writes, âWith the unsurprising news the Senators are likely for sale, expect the team to stay in Ottawa. There is local interest in the Senators and Bettman doesnât like to see teams move if there are local buyers. So long as they pony up, the team stays. If not Houston likely beckons.â He adds, âAs far as a sale price for the Ottawa Senators, that number is likely no lower than USD$700 million. There are higher sale prices (Preds at USD$775M) but Ottawa is a less lucrative market generating revenue in Canadian dollars and paying salaries in US dollars.â
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The post The Ottawa Senators Are Officially Up For Sale [Report] appeared first on NHL Trade Talk.