Selling the Ottawa Senators, are they worth $655 million?

ottawa senators
Oct 27, 2022; Ottawa, Ontario, CAN; Ottawa Senators right wing Alex DeBrincat (12) celebrates his goal with defensemen Jake Sanderson (85) and Travis Hamonic (23) in the first period against the Minnesota Wild at the Canadian Tire Centre. Mandatory Credit: Marc DesRosiers-USA TODAY Sports

The reports are now coming in from multiple outlets that family of late owner Eugene Melnyk are getting ready to sell the Ottawa Senators.

Sportico, who valued the Senators at $655 million this week, is also reporting that New York based Galatioto Sports Partners has been hired to advise the Melnyk family. The firm provides lending, advisory, capital raising and other services to clients.

Eugene Melnyk bought the Senators in 2003 for $92 million per Forbes. He passed away in March, leaving the team to his daughters.

Senators for Sale

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Oct 4, 2022; Montreal, Quebec, CAN; Ottawa Senators forward Claude Giroux (28) celebrates with teammates after scoring a goal against the Montreal Canadiens during the second period at the Bell Centre. Mandatory Credit: Eric Bolte-USA TODAY Sports

The Ottawa Senators are now the third NHL team being moved in just the last year.

In December, the Pittsburgh Penguins were sold to the Fenway Sports Group for an estimated $900 million. Currently, the Nashville Predators are set to be sold to former Tennessee Governor Bill Haslam for around $775 million.

According to Bruce Garrioch of the Ottawa Sun, there are several potential buyers and not all of them are based in Ottawa.

While it will likely be a month before New York-based sports banker Galatioti Sports Partners officially begin speaking to potential Senators’ suitors, a league executive told this newspaper “there will be multiple groups” making a pitch.

Ottawa Sun

One of those prospective buyers are Jeffrey and Michael Kimel, who were majority owners of the Penguins before they sold.

Other potential buyers are based in either Toronto and New York, but Garrioch relayed that commissioner Gary Bettman is intent on keeping the team in Ottawa.

Additionally, with the a lease agreement in place, the sell could be for $900 million to a billion.