The Ottawa Senators have retained a bank to explore a sale, according to multiple people familiar with the plans.
The family of late owner Eugene Melnyk hired Galatioto Sports Partners, said the people, who spoke on condition of anonymity because the details are private. Melnyk died in March and left the team to his two children—Anna and Olivia—who are both under 25. The franchise is currently run by a three-person board.
The Senators are worth $655 million, according to Sportico’s most recent valuations, ranking No. 27 in the league. That’s a 21% jump over last year, the biggest year-over-year jump in the league.
A spokesman for the NHL team did not immediately return an email and voicemail seeking comment. Galatioto Sports Partners, which is also selling MLB’s Los Angeles Angels, declined to comment.
If the team sells for around that price, it would be among the highest prices ever paid for an NHL franchise. Last year Fenway Sports Group bought the Penguins in a deal that valued the franchise at $900 million. Former Tennessee Gov. Bill Haslam is in the process of acquiring a controlling stake in the Nashville Predators, a deal that values the current club at $775 million.
The Senators currently play at the Canadian Tire Centre, an arena about 16 miles (26 km) from the center of the capital. Many believe the location has limited the team’s participation. the team is averaging 15,017 through five games this season, which ranks 26th in the league. The Senators also haven’t made the playoffs since 2017.
In June, the team signed a memorandum of understanding for a much-needed new downtown arena at the LeBreton Flats site. There are still several steps between the MOU and an arena opening, but securing this deal over the sale would likely drive up the price.
Galatioto Sports Partners is led by Sal Galatioto, who has managed sports M&A deals for more than 20 years.
With reporting by Kurt Badenhausen.
