Report: Toronto billionaire Michael Andlauer reaches deal in principle to buy Senators
Canadiens part-owner Michael Andlauer has reportedly won the bidding war for the Sens franchise.
Toronto billionaire Michael Andlauer has reportedly reached a deal in principle to buy the Ottawa Senators, the Ottawa Sun's Bruce Garrioch reported Tuesday.
According to Garrioch, Andlauer's bid is believed to be worth close to $1 billion (U.S. Dollars). An agreement in principle means his offer has been moved to the front of the line and can now be assessed by the National Hockey League.
The sale will need approval from NHL commissioner Gary Bettman and the league's executive board before it can be made official.
Andlauer is also a minority shareholder in the Montreal Canadiens and a member of the NHL's board of governors. He will have to sell his stake in the Sens' Atlantic Division rival for the purchase to go through.
The bidding war reportedly came down to Andlauer and a group headed by Jeffrey and Michael Kimel, which included Canadian superstar recording artist The Weeknd.
Four groups interested in purchasing the club had made bids by the May 15 deadline.
According to Garrioch, Andlauer supports the vision for a new downtown arena for the Senators.
The franchise was put up for sale last November by Anna and Olivia Melnyk, daughters of late owner Eugene Melnyk, who died in March 22 at age 62.
