Report: Senators to go up for sale

The Ottawa Senators are heading to the open market.

Ownership has retained Galatioto Sports Partners, a New York-based investment bank, to sell the franchise, according to Postmedia's Bruce Garrioch.

The Senators are currently owned by Anna and Olivia Melnyk, who inherited the franchise as part of the estate left to them by their father, Eugene, who died in March.

The team is expected to stay in Ottawa despite the potential sale, Garrioch added.

Sportico, which first reported the potential sale, unveiled its valuations of each NHL franchise Tuesday. The Senators ranked 27th with a $655-million valuation, but sources told Garrioch that figure would be much higher if the team were to be sold.

The organization signed a memorandum of understanding with the National Capital Commission and other investors in June for a new downtown arena at LeBreton Flats. While there are still many steps between an official agreement for a new rink, such a deal would raise the value of the franchise.

Ottawa currently plays at Canadian Tire Centre, which opened in 1996 and is located in rural Kanata - more than a 20-minute drive from the city's downtown.