Confirmed with Link: Senators are for sale - and it’s a Gong Show

[Tuna99]

Crazy the Jets are worth $150 million more then the Senators. Unreal the Sens have been so poorly managed for years they have literally left a $150 million fortune on the table .

 

[BoardsofCanada]

Crazy the Jets are worth $150 million more then the Senators. Unreal the Sens have been so poorly managed for years they have literally left a $150 million fortune on the table .

worst attendance in the league probably has something to do with it.

 

[MCNSTY]

They have a very small piece of LeBreton and an arena isn't a moneymaker. Unless a new ownership believes they can leverage the franchise into a bigger stake at LeBreton, they're buying in for the franchise itself.

Assen na yo!

Future ownership group can definitely leverage their position + future arena to bid on plots of land directly around the arena plot. Not sure if they would, but it’s likely something they’d consider.

Current land where the CTC will also hold a high value. Either for future owners to redevelop themselves, or to sell to local developers at a nice price.

 

[branch]

View attachment 601681
Quality journalism from Bruce as always.

Bruce is incredibly buttblasted that Anna and Olivia didn't text him first lmao

 

[Golden_Jet]

Rick Westhead and Garrioche should not be considered to be in the same category of news. Garrioche is the Sens daily cartoon, Westhead writes the history book.

And 3 minutes after Garrioche writes no one knows for sure if the Sens are for sale, Sportico confirms they are for sale and have retained a bank to sell the team.

Sportico never confirmed that. They speculated that. Nowhere does it say they have retained a bank. STOP misrepresenting, what was reported.
Interviewed isn’t retained.

The Ottawa Senators are widely expected to be the next team to sell. In March, longtime owner Eugene Melnyk died and left the team to his two children—Anna and Olivia—who are both younger than 25. The team has already interviewed sell-side bankers, according to multiple people, and there is significant interest in the franchise.

Edit: I see Sportico has put out an update now.

 

[DaveMatthew]

They have a very small piece of LeBreton and an arena isn't a moneymaker. Unless a new ownership believes they can leverage the franchise into a bigger stake at LeBreton, they're buying in for the franchise itself.

Assen na yo!

NCC has given a "wink wink" that whoever is awarded the arena parcel will have an advantage when bidding for the rest of the development. They'd almost certainly prefer to work with one partner over several.

Sportico never confirmed that. They speculated that. Nowhere does it say they have retained a bank. Your misrepresenting.
Interviewed isn’t retained.

The Ottawa Senators are widely expected to be the next team to sell. In March, longtime owner Eugene Melnyk died and left the team to his two children—Anna and Olivia—who are both younger than 25. The team has already interviewed sell-side bankers, according to multiple people, and there is significant interest in the franchise.

They posted an update that the Senators have retained Galatioto Sports Partners to move forward with a sale. That report has been picked up by CTV News.

Ottawa Senators Retain Galatioto Sports Partners for NHL Team Sale

An Ottawa Senators sale looms following the death of owner Eugene Melnyk. The team has retained Galatioto Sports Partners.

www.sportico.com

 

[Micklebot]

Sportico never confirmed that. They speculated that. Nowhere does it say they have retained a bank. STOP misrepresenting, what was reported.
Interviewed isn’t retained.

The Ottawa Senators are widely expected to be the next team to sell. In March, longtime owner Eugene Melnyk died and left the team to his two children—Anna and Olivia—who are both younger than 25. The team has already interviewed sell-side bankers, according to multiple people, and there is significant interest in the franchise.

Sportico actually did confirm it, just in a different story. I posted the link a few posts up in this very thread. They retained Galatioto sports

 

[Golden_Jet]

NCC has given a "wink wink" that whoever is awarded the arena parcel will have an advantage when bidding for the rest of the development. They'd almost certainly prefer to work with one partner over several.



They posted an update that the Senators have retained Galatioto Sports Partners to move forward with a sale. That report has been picked up by CTV News.

https://www.sportico.com/business/s...rs-sale-galatioto-1234693176-1234693176/[/URL

http://Thanks I updated my post.

 

[BonHoonLayneCornell]

Link up on TSN now. Seems the time has finally come.

Reports: Ottawa Senators exploring sale of NHL team | TSN

The Ottawa Senators have retained an investment bank to explore a sale of the NHL team, according to multiple reports.

www.tsn.ca

 

[Micklebot]

Link up on TSN now. Seems the time has finally come.

Reports: Ottawa Senators exploring sale of NHL team | TSN

The Ottawa Senators have retained an investment bank to explore a sale of the NHL team, according to multiple reports.

www.tsn.ca

Got to love when media reports on what another media outlet has reported.

 

[KnuckChuckinTkachuk]

I think the process will be drawn out quite a bit. Prospective buyers have to figure out where things sit on the arena deal and the key variables around that. If the Melnyk sisters want top value, you let prospective buyers take their time on due diligence.

Depends how clean the books look. I imagine Melnyk would have sorted this stuff out before his passing but if any buyer requests a financial forensic audit on the team, that could drag this out longer than we hope.

 

[MCNSTY]

Depends how clean the books look. I imagine Melnyk would have sorted this stuff out before his passing but if any buyer requests a financial forensic audit on the team, that could drag this out longer than we hope.

Erin Crowe was also hired at the right moment (maybe not coincidentally?). A trusted name in finance in the city and someone with experience in selling a company.

This sale is long in the making, and things have likely been in order for some time.

 

[AchtzehnBaby]

750 mil, final offer.

Does not include land or parking lots.

 

[Gil Gunderson]

I think everyone expected this.

 

[Emerica]

Not shocking. Hopefully the Melnyk’s retain a minority stake

 

[ChickenDinner]

New owners with deeper pockets and potential new arena deal would be great news long term.

Get a better coach in the short term. That should be priority #1

 

[Larionov]

Erin Crowe was also hired at the right moment (maybe not coincidentally?). A trusted name in finance in the city and someone with experience in selling a company.

This sale is long in the making, and things have likely been in order for some time.

100% - look at the timing of her return. She officially returned on February 1, and Melnyk died eight weeks later. It's pretty obvious that he brought her back when he knew that he was terminally ill. You watch - she will have a nice bonus built into her contract that pays out upon the sale of the team and/or her departure from the organization, and good for her. She dealt with Eugene for years, and deserves every nickel she'll get.

 

[AchtzehnBaby]

They would have kept the team if we didn’t have such a shitty start to the game on Saturday.

 

[discostu]

Depends how clean the books look. I imagine Melnyk would have sorted this stuff out before his passing but if any buyer requests a financial forensic audit on the team, that could drag this out longer than we hope.

It's not about the historicals, as I just assume that's all up to standard.

But, there's still a lot of uncertainty here, and, a prospective buyer will need some time to see where things are headed.

On the arena, sorting out what type of government support is on the table is a big one.

From a revenue perspective, there's a lot of variability on what the market potential is right now. It's healthy, as far as I'm concerned, but for a buyer debating on a big price tag, getting as much market research done will guide their price point.

I hope it goes through quickly, but, I also want a buyer who is thorough, and who's expectations are in line with reality. The worst case scenario is a buyer that overpays based on bad information and then struggles and cuts the expenses to compensate.

 

[Que]

My genuine fear is this team will be relocated. Some eccentric billionaire with deep pockets like Tillman Fertitta over bidding everyone else.

 

[DaveMatthew]

My genuine fear is this team will be relocated. Some eccentric billionaire with deep pockets like Tillman Fertitta over bidding everyone else.

The NHL is looking at growing to 34 teams in the near future. They will not be passing up a potential $1B+ expansion fee to move the Ottawa Senators into a market like Houston.

 

[DaveMatthew]

It's not about the historicals, as I just assume that's all up to standard.

But, there's still a lot of uncertainty here, and, a prospective buyer will need some time to see where things are headed.

On the arena, sorting out what type of government support is on the table is a big one.

From a revenue perspective, there's a lot of variability on what the market potential is right now. It's healthy, as far as I'm concerned, but for a buyer debating on a big price tag, getting as much market research done will guide their price point.

I hope it goes through quickly, but, I also want a buyer who is thorough, and who's expectations are in line with reality. The worst case scenario is a buyer that overpays based on bad information and then struggles and cuts the expenses to compensate.

I'd imagine there's been a lot of work already done by the NHL, Senators and prospective groups. Usually, by the time something like this is leaked, it's pretty far down the line. And it's not like there haven't been rumors for months now.

The whole "Melnyk's daughters have not decided what to do" was bogus, IMO. Eugene's death was not sudden, and he was not going to leave a $750M+ asset to his daughters without being intimately involved in mapping out the next steps for them. Nor would Gary Bettman have allowed that.

This has likely been in the works for over a year already.

 

[Masked]

My genuine fear is this team will be relocated. Some eccentric billionaire with deep pockets like Tillman Fertitta over bidding everyone else.

There's no reason to fear that. Teams can't just be moved on the whim of a new owner.

Assen na yo!

 

[discostu]

I'd imagine there's been a lot of work already done by the NHL, Senators and prospective groups. Usually, by the time something like this is leaked, it's pretty far down the line. And it's not like there haven't been rumors for months now.

The whole "Melnyk's daughters have not decided what to do" was bogus, IMO. Eugene's death was not sudden, and he was not going to leave a $750M+ asset to his daughters without being intimately involved in mapping out the next steps for them. Nor would Gary Bettman have allowed that.

This has likely been in the works for over a year already.

I can't disagree with that.

It'll be interesting to see what names emerge as suitors. I think that part will be settled quickly. As you've stated, there's been enough time to kick tires and only those pretty serious will be around.

 

[ksens]

I'd imagine there's been a lot of work already done by the NHL, Senators and prospective groups. Usually, by the time something like this is leaked, it's pretty far down the line. And it's not like there haven't been rumors for months now.

The whole "Melnyk's daughters have not decided what to do" was bogus, IMO. Eugene's death was not sudden, and he was not going to leave a $750M+ asset to his daughters without being intimately involved in mapping out the next steps for them. Nor would Gary Bettman have allowed that.

This has likely been in the works for over a year already.

Exactly. Word has been out that they hired M&A bankers a while ago. This is just getting reported now, which is fine, but it is hardly just getting started.

And Bruce is just the usual glass tube of information from the organization - which is formally no comment, but informally yes but for more money than is being reported.