How much did Michael Andlauer buy the Ottawa Senators for? A look into the billionaire's latest acquisition

How much did Michael Andlauer buy the Ottawa Senators for? A look into the billionaire
How much did Michael Andlauer buy the Ottawa Senators for? A look into the billionaire's latest acquisition

Toronto billionaire Michael Andlauer is poised to become the new owner of the Ottawa Senators, marking a significant development in the franchise's ownership.

According to reports from Postmedia's Bruce Garrioch, the agreement in principle for the acquisition is valued at a staggering $950 million. However, the deal is still pending approval from NHL Commissioner Gary Bettman and the league's executive board.

If successfully concluded, this acquisition would set a new record as the highest price ever paid for an NHL franchise.

Notably, Andlauer is already a minority shareholder of the Montreal Canadiens and holds a position on the NHL's board of governors. To finalize the purchase of the Ottawa Senators, he will be required to sell his stake in the Canadiens, ensuring compliance with league regulations.

The sale of the Senators was a lengthy process, with Andlauer emerging as the top contender alongside Jeffrey and Michael Kimel of Harlo Capital. Interestingly, their group also included renowned Canadian singer The Weeknd until recently.

Out of the four groups that submitted bids before the May 15 deadline, Andlauer's offer ultimately prevailed.

Sources indicate that the NHL expressed satisfaction with Andlauer's long-term vision for the Senators franchise. Additionally, he is known to support the idea of a new downtown arena. It aligns with the team's memorandum of understanding with the National Capital Commission (NCC) for a prospective rink at LeBreton Flats, which was signed last year.

The Senators officially went up for sale in November, and throughout the process, it was paramount that the club remained in Ottawa. As part of the agreement, Anna and Olivia Melnyk, the daughters of the late Senators owner Eugene Melnyk, are expected to retain a 10% stake in the team.

Michael Andlauer's acquisition of the Ottawa Senators for a reported $950 million signifies a significant milestone for the team and its devoted fan base.

More about Michael Andlauer's businessman background

Michael Andlauer is a prominent individual in the Canadian transportation sector. With a remarkable tenure of more than 35 years, Michael Andlauer has established a distinguished career in the Canadian transportation industry.

He founded ATS Andlauer Transportation Services in 1991, which later became ATS Healthcare, and established Associated Logistics Solutions, now known as Accuristix, in 1994. Additionally, Andlauer founded Andlauer Management Group (AMG) in 1994, focusing on managing transportation and logistics companies in the healthcare sector.

His love for hockey led him to become a co-owner of the Hamilton Bulldogs in 2003 and eventually assume sole ownership. In 2009, Andlauer made headlines by acquiring a share of the Montreal Canadiens, solidifying his presence in the NHL.

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Edited by John Maxwell