Dang! I was hoping Snoop Dogg was gonna pull it off.
The Ottawa Senators are being sold for nearly $1 billion to entrepreneur Michael Andlauer, according to Postmedia’s Bruce Garrioch.
Andlauer’s group is purchasing the NHL franchise from the estate of Eugene Melnyk, who passed away in March 2022. Melnyk — a pharmaceuticals billionaire — bought the team out of bankruptcy 20 years ago for just $92 million. Last fall, the Melnyk family then explored a potential sale after retaining Galatioto Sports Partners (GSP). The deal with Andlauer still needs to be approved by the league.
The Senators were valued at $655 million by Sportico in 2022, which is 27th in a 32-team National Hockey League. For six consecutive seasons, Ottawa has missed the postseason, and they currently generate the league’s third-least revenue and lose money on a consistent basis.
News Release: Senators Sports & Entertainment announces that Michael Andlauer has entered into an agreement to purchase the Ottawa Senators Hockey Club: https://t.co/SsvqkXUipK pic.twitter.com/XrIkECwHkv
— Ottawa Senators (@Senators) June 13, 2023
Funny story for you:
It was actually a colleague of mine who sent this to me and made me aware of the news, and I was instantly bummed out because Snoop Dogg, who was involved in a rival bid to purchase the Senators, didn’t end up buying the team. And that’s exactly why she sent it to me, because she knew I’d get bummed out!
Ahh! I mean, seriously, how cool would it have been to see Snoop Dogg out of all people own a hockey team? (RELATED: Wayne Gretzky’s Final NHL Point Jersey Sells For Incredible $715,120)
I would’ve totally been game for something like that.