The Ottawa Senators ownership saga is starting to resemble a Mr. Beast last-man-standing challenge.
According to Postmedia’s Bruce Garrioch, Toronto billionaire Steve Apostolopoulos has now backed out of the process, telling the Senators, the NHL and Galatioto Sports Partners he’s not going to continue. Garrioch’s source indicates the Apostolopoulos group grew frustrated with the process dragging out so long, and die hard Senators fans can certainly relate to that. The report doesn’t rule out the team or Galatioto trying to woo Apostolopoulos back to the table but calls it highly doubtful.
Process only has two serious bidders left. Steve Apostolopoulos bid was north of a billion. #Sens. GSP could try to draw him back in but that’s highly doubtful. https://t.co/eSTI8tbzSS
— Bruce Garrioch (@SunGarrioch) June 9, 2023
Apostolopoulos was seen as the money-is-no-object bid after apparently putting up, according to ESPN’s Adam Schefter, $6 billion earlier this year in a bid to buy the NFL’s Washington Commanders.
Canadian billionaire Steve Apostolopoulos also has submitted a fully-funded $6 billon offer for the Commanders, sources tell me and @WindhorstESPN.
With two groups known to have submitted bids, there is a growing belief the Commanders could be sold before the NFL Draft.
— Adam Schefter (@AdamSchefter) March 28, 2023
Apostolopoulos joins Ryan Reynolds/The Remington Group as capable ownership bidders who grew frustrated with the Sens’ sales process. Both chose to walk away, rather than continue pursuit of the NHL franchise, which has been for sale now for over six months.
So barring a change of heart, that leaves Michael Andlauer along with Jeffrey and Michael Kimel as the last two groups standing. Both groups have strong NHL ties, which will always give you a leg up in the league’s old boys’ club.
Andlauer owns what’s believed to be a 20% share in the Montreal Canadiens and also acts as the club’s alternate governor. The Kimels used to own a minority share in the Pittsburgh Penguins.
Andlauer now seems like the front runner at the moment and, if that’s the case, it may help explain why the process is taking so long. Between difficult negotiations and raising the nearly $1 billion price tag, the Andlauer group would have the added responsibility of divesting itself of its share in the Montreal Canadiens, one of the Sens arch rivals in the NHL’s Atlantic Division.
An ownership announcement is expected soon, although it’s not expected before the Stanley Cup Final is over.
