Michael Andlauer to become owner of Senators for reported $950M

Toronto billionaire Michael Andlauer has reached a deal to become the new majority owner of the Ottawa Senators, the team announced Tuesday.

The agreement in principle is worth $950 million, according to Postmedia's Bruce Garrioch, and is pending approval from commissioner Gary Bettman as well as the NHL's executive board.

"My family and I are very excited to be a part of the Ottawa Senators hockey club. I believe that the Senators' fan base is one of the most passionate in the league and I'm excited to take the franchise's success both on and off the ice to the next level," Andlauer said in a statement.

"The short and long-term future of the team is incredibly bright, and I look forward to getting to know the team, the fan base, and the community."

Andlauer is a minority shareholder of the Montreal Canadiens and a member of the NHL's board of governors. However, he'll have to sell his stake in the Habs for the deal to go through.

The protracted sale of the Senators was reportedly down to Andlauer and Jeffrey and Michael Kimel of Harlo Capital, a group that also included Canadian singer The Weeknd as of last week.

Four groups made bids by the May 15 deadline.

The NHL was pleased with Andlauer's long-term vision for the franchise, and he supports the idea of a new downtown arena, sources told Garrioch. The Senators signed a memorandum of understanding with the National Capital Commission (NCC) for a new rink at LeBreton Flats last year.

The Senators went up for sale in November. The only stipulation in the deal was to keep the club in Ottawa. Anna and Olivia Melnyk, daughters of late Senators owner Eugene Melnyk, will keep a 10% stake in the team.