OTTAWA, Ontario (AP) — The Ottawa Senators are on the market.
The board of directors of Senators Sports & Entertainment said Friday a process has been initiated for the sale of the NHL club. The board retained Galatioto Sports Partners, a firm specializing in the sports finance and advisory business, as its financial adviser.
“A condition of any sale will be that the team remains in Ottawa,” the team said in a news release.
Senators owner Eugene Melnyk died on March 28 at age 62 after battling an illness. He had previously said he planned to leave the team to his daughters, Anna and Olivia.
Melnyk purchased the Senators in 2003 for $92 million at a time when the franchise faced bankruptcy and a tenuous future in the nation’s capital.
A recent valuation from sports-business news outlet Sportico listed the Senators at $655 million.
The team’s day-to-day operations has been handled by the board of directors since Melnyk’s death.
AP NHL: https://apnews.com/hub/nhl and https://twitter.com/AP_Sports