Multiple bidders submit offers to purchase Senators

Bruce Garrioch of Postmedia reports that New York-based banker Galatioto Sports Partners received more than four bids this past week to purchase the Ottawa Senators. While Postmedia was able to confirm the names of four separate bidders, it was also advised that there are more than four groups bidding. A separate report by Los Angeles-based Sportico states that as many as nine groups have entered bids to buy the team. Postmedia has been unable to confirm this number with league sources. The Sportico report has also stated that some groups are willing to pay north of $900M.

The four confirmed groups are the Remington Group, Michael Andlauer, Jeffrey and Michael Kimel, and Neko Sparks. All four groups bring their own unique dynamics, but the most interesting might be the Remington Group. That group has an interesting backer in Hollywood superstar and Canadian-born actor Ryan Reynolds. The NHL wants Reynolds to be involved with the new ownership group, as he would bring worldwide attention to the NHL that Gary Bettman and company have long coveted.

These bids are just this first step in what is sure to be a long process. The opening bids were non-binding, which essentially means that not much risk was involved in submitting an opening offer. The next step will narrow the bids down to a shortlist, and the workload involved will get heavier with each additional round.

Ultimately the new ownership group will have an exciting opportunity with the Senators, albeit one with much work to be done. The Senators have one of the youngest and most exciting core groups of players in the league. However, they play in an aging arena in the suburbs of Ottawa, nearly a 30-minute drive from downtown. The new ownership group will have the chance to put its stamp on the Senators almost immediately, with what many hope will be a new downtown building at LeBreton Flats.

The Senators organization has signed a memorandum of understanding with the National Capital Commission for the LeBreton Flats property, but it would be up to the new ownership group to sign a lease, build the arena and ultimately develop a prime piece of property in downtown Ottawa.

Previous owner Eugene Melnyk was never able to get all the pieces to fit for a downtown building, but with the team turning a corner on the ice and an appetite in the city of Ottawa for a downtown entertainment hub, the puzzle should come together for the group that is ultimately able to purchase the Ottawa Senators.