The sale of the Ottawa Senators hockey team is reaching its final stages, with exciting developments adding a new level of anticipation. Galatioto Sports Partners (GSP), a New York-based sports banking firm, has been diligently working towards finalizing the sale. Recent reports indicate that Toronto billionaire Steve Apostolopoulos is emerging as a strong contender, thanks to his “cleanest” bid.
A Strong Contender Emerges
Steve Apostolopoulos has made a significant impact with his impressive $1 billion bid, placing him in the driver’s seat among the remaining bidders. Known for his involvement in high-profile ventures, Apostolopoulos previously caught the attention of sports enthusiasts with a substantial bid for the National Football League’s Washington Commanders. However, he narrowly lost out to another bidder. However, his proposal for the Ottawa Senators is garnering attention due to its favorable terms and his partnership with his brothers, Jim and Peter.
A Diverse Group of Bidders
In addition to Apostolopoulos, several other notable bidders are vying for ownership of the Senators. One such contender is Michael Andlauer, a prominent figure in the Toronto business community. Also in contention are Jeffrey and Michael Kimel of Harlo Capital, another Toronto-based investment firm, and Neko Sparks, a producer hailing from Los Angeles. Close sources have denied recent reports suggesting the Kimels’ withdrawal from the bidding process. These sources have also revealed Kimels’ partnership with Jamie Salter, the founder, and CEO of Authentic Brands Group, a prominent name in brand management.
An Intense Competition
The bidders know the strength of Apostolopoulos’ offer and acknowledge the challenges of surpassing it. His bid boasts impressive financial prowess and showcases limited debt and strategic advisory support from former NHL forward Nick Kypreos. Apostolopoulos, the managing partner of Triple Group of Companies and the founder of Six Ventures, has a proven track record in the commercial real estate and private equity sectors.
On the other hand, Andlauer remains confident in his bid and aims to leverage his position as an alternate member of the NHL’s board of governors with the Montreal Canadiens. However, discussions about a potential partnership between Andlauer and the Kimel family did not yield concrete results, leaving their bids separate.
Sale Process and Future Steps
The sale process of the Ottawa Senators has been meticulously managed by GSP, the Melnyk estate (the previous owners of the team), and the NHL. An official announcement regarding the sale is expected to be made in the coming week. NHL commissioner Gary Bettman, who is anticipated to provide an update on the sale process during his State of the Union address alongside deputy commissioner Bill Daly, is eager to finalize the deal before the commencement of the Stanley Cup final.
Once a deal in principle is agreed upon, it will be forwarded to the NHL’s executive committee for approval. Following that, the sale will require a two-thirds majority approval from the NHL Board of Governors. While the final approval is not expected to take place during the upcoming July meeting, it is highly likely to occur during a subsequent session in the summer.
Melnyk Estate’s Stake and Bid Evaluation
Throughout the sale process, the late Eugene Melnyk’s daughters, Anna and Olivia, have maintained a 10% ownership stake in the Senators. Their approval and comfort with the chosen buyer are crucial for the sale to proceed smoothly. In an effort to ensure a mutually agreeable outcome, meetings have taken place between the Melnyk estate and all four bidding parties. GSP is focused on securing an agreement with the selected buyer, after which they will express gratitude to the other bidders for their participation.
Conclusion
The sale of the Ottawa Senators hockey team is entering its final stages, with Steve Apostolopoulos emerging as a leading contender due to his impressive bid. Alongside Apostolopoulos, other notable bidders, including Michael Andlauer, Jeffrey and Michael Kimel, and Neko Sparks, are competing for ownership. The competition is intense, with Apostolopoulos’ bid standing out for its financial strength and strategic support. The sale process is being carefully managed, and an announcement is expected soon. Approval from the NHL’s executive committee and board of governors will be necessary before the sale can be finalized.
