The Ottawa Senators ownership group has announced their intentions of selling the club. The daughters of the late Eugene Melnyk, Anna and Olivia, who are the current owners have decided to sell the team. According to reports, they have hired the services of the Galatioti Sports Partner, a bank specializing in sports ownership groups. The details of the process are minimal at this time, as the parties have decided to maintain their privacy.
GARRIOCH: The Ottawa Senators are going up for sale https://t.co/i0chqp8mae
— Bruce Garrioch (@SunGarrioch) November 1, 2022
The Ottawa Senators Have Been Reportedly Put Up For Sale
As for the team, the Ottawa Senators franchise, this has the potential to be a big step forward. Things have been looking very positive for the organization, with big off-season signings. The team has had a decent start to the first month of the season, one that included a home four-game winning streak. That included the team’s first sellout in six seasons. Although, one may look at fluctuating attendance numbers as a confusing message being sent from the fan base. Regardless, in the case of buy low and sell high, this does seem like a logical choice. Sportico is reportedly valuing the organization at $655 million USD, which represents a 21% increase year-over-year. One might think, selling now would allow new buyers to have further room for value growth in the organization.
What this means for the Ottawa Senators
This sounds like big news for the Ottawa Senators. The other part that adds to the positivity, was the announcement from June. At that time, the Senators were seen as a frontrunner to put a bid on the LeBreton Flats to host a new arena location. It seems either way it could be a win-win situation for any prospective buyer. The Senators have some work to do, but things are also looking up from a league-wide perspective. It is likely they will have more cap space to do so, assuming the new owners are willing to spend to it. Names like Alex DeBrincat, Artem Zub, and Shane Pinto will all be looking for big money contracts going into next year, and beyond. As long as the product keeps continuing to improve the on-ice product, the fans will have reason to continue to keep filling the seats.
Report: Ottawa Senators to go up for sale. 💰 https://t.co/DEKaKz12ba pic.twitter.com/AP22lV7v4H
— theScore (@theScore) November 1, 2022