And just like that, the Ottawa Senators appear to have their next Owner.
The process has been long, painful and at times downright whacky but in the end, it sounds like the Senators are going to be in good hands.
Andlauer, who was a minority owner of the Montreal Canadiens, is a known entity with the National Hockey League and someone that Gary Bettman was comfortable with from the beginning of this process.
Here’s Bruce Garrioch on this morning’s development…
League sources told Postmedia Tuesday Toronto billionaire Michael Andlauer’s bid, which believed to be worth close to $1 billion (all figures U.S.), has been moved to the front of the line by New York-based banker Galatioto Sports Partners (GSP) and the Melnyk estate.
Sources say Andlauer has reached an agreement in principle to purchase the Senators. That means his offer has been elevated to the next stage of due diligence and work will now ramp up with the National Hockey League to try to close the deal.
So still some hurdles left to be cleared here but a huge step forward in the process. Bruce Garrioch is also reporting that Anna and Olivia Melnyk will indeed retain a 10% stake in the franchise as part of this deal.
Andlauer is a 57-year founder of the Andlauer Healthcare Group and is also the owner of the Ontario Hockey League’s Bulldogs franchise.
And he’s now one step closer to being the Owner of the Ottawa Senators.
It will be interesting to see not only how quickly they can finalize this deal but how long it takes for Andlauer to put his stamp on the franchise. There was already some talk that he was eager to bring in Steve Staois for a Front Office role of some kind and you would think he has a few people in mind for various positions with the team.
Andlauer will have to strike a pretty delicate balance though. Not only has the current Front Office and Coaching Staff done an admirable job with this group but we’re only a couple weeks out from the Draft, which is where things usually heat up in the NHL off-season. Continuity and stability will be important during this period of transition.
While details are still slowly being revealed, it does sound like there’s a lot to like about the Andlauer bid. Not only have we heard a lot about his passion for the sport and his desire to bring a Stanley Cup to Ottawa but he’s also made an effort to connect with local investors with strong ties to the city. In theory, these are people that know and understand the Ottawa market, which has always a been a critical element of this sale process.
Here’s Andlauer himself on the purchase…
“My family and I are very excited to be a part of the Ottawa Senators Hockey Club. I believe that the Senators’ fanbase is one of the most passionate in the league and I’m excited to take the franchise’s success both on and off the ice to the next level.
The short and long-term future of the team is incredibly bright, and I look forward to getting to know the team, the fanbase and the community.
First and foremost, thank you to my wife and family for their support. Thank you to both the NHL and the Melnyk family for providing me with the opportunity to make this dream a reality. Thank you also to my equity partners on the transaction, who like me are committed to bringing success to the National Capital Region. I would also like to thank my financial advisors at Bulldog Capital Partners.”
