Senators Continue To Struggle In Selling Team

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Matt Garland
June 9, 2023 (12:48)

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It appears that the Ottawa Senators have lost another bidder in the long process of attempting to sell the team after long-time owner Eugene Melnyk passed away in March 2022. Melnyk's daughters Anna and Olivia Melnyk took over the franchise after the Senators' owner passed away and put the team for sale last November.

Toronto billionaire Steve Apostolopoulo was the front runner with a fully financed bid believed to be worth north of $1 billion US, informed officials with the Melnyk estate, the NHL and New York-based banker Galatioto Sports Partners (GSP) that he is no longer interested in taking part.

Apostolopoulo is the second bidder to walk away from the sale process. Vancouver-born actor Ryan Reynolds and the Markham-based Remington Group backed out last month when the estate and GSP refused a request to grant a 30-day window to the group to negotiate a deal with the National Capital Commission and the city of Ottawa for a new arena.

While in mid-May it was reported that four bids submitted for the franchise prior to the deadline, Garrioch now reveals that only two suitors remain with a chance as the celebrity-backed Neko Sparks venture is seen as «underfunded and doesn't stand much of a chance of winning.» Garrioch believes that Michael Andlauer's bid, along with a bid by Jeffrey and Michael Kimel of Harlo Capital, are the only remaining options.

This would be a second failure for Apostolopoulos when it comes to sports teams' ownership. He recently lost out on a bid for the Washing Commanders NFL franchise.