The Ottawa Senators are up for sale and reports have surfaced that the price could reach $1 billion, which would make it the largest bid in NHL history. With the May 15 deadline looming, six groups are engaged in a bidding war to secure the up-and-coming NHL franchise.
The Ottawa Senators are still up for sale but the value of the NHL franchise is apparently higher than most people anticipated.
Last November, the Senators were expected to sell for around $800 million but the bidding war has already gone over that mark. Now the NHL franchise sale price could reach up to $1 billion, 25 percent more than originally projected.
There are more than a dozen groups that have shown serious interest in purchasing the hockey team. However, the list has been narrowed down to six serious candidates, including the Remington Group, who includes Canadian actor and Wrexham AFC co-owner Ryan Reynolds.
The deadline for the sale is May 15.
That means the six groups will prepare and look to solidify their proposals in the next few weeks.
Ottawa Senators Expected To Set NHL Record
After the death of owner Eugene Melynk, his daughters announced their intention to sell the franchise. They also signed an agreement to build a new arena on LeBreton Flats.
In 2021, the Fenway Sports Group paid $900 million for the Pittsburgh Penguins, marking the most expensive sale of an NHL franchise. Next month, the Nashville Predators sale are expected to come through with former Tennessee government official, Bill Haslam, purchasing the team for $880 million.
Now, the Ottawa Senators could potentially eclipse that mark. Rumors have surfaced that bids have already topped the $900 billion mark and could reach up to $1 billion, which would make it the largest NHL franchise sale in history.
Before the team is purchased, NHL commissioner Gary Bettman warned bidders about not expecting public money help from Ontario or Ottawa, especially for the new arena downtown. In addition, Bettman has also told prospective owners that the Senators are not allowed to be relocated.
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