Garrioch: The Ottawa Senators offer is about to get serious as Ryan Reynolds steps up his efforts to become part of the group

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dated: 2022-11-19 23:36:53 .

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“You have the month of December to do your due diligence and then you have to submit your bid. There will be a round of bidding.”

Ryan Reynolds attends the Ottawa Senators game on Tuesday, Nov. 8, 2022, at the Canadian Tire Center. Photo: Tony Caldwell/POSTMEDIA

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The bidding war for the Ottawa Senators is heating up.

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National Hockey League sources told this newspaper that groups interested in buying the team will have about a month starting Dec. 1 to review the Senators’ financial records.

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Evidence suggests that New York sports investment banker Galatioti Sports Partners (GSP), hired by the Melnyk family, is in the process of getting all parties interested in buying the Senators to sign non-disclosure agreements.

As Postmedia announced, the interest was great, up to six groups, and probably more, reached GSP. NHL assistant commissioner Bill Daly said last week that parties calling the league office were referred to GSP.

Once this process is complete and the senators provide all requested information to Galatioti, applicants will be provided with access to the due diligence website, financial statements and a copy of the letter of intent with the National Capital Commission to develop the event center at the LeBreton Estate.

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NHL sources say Vancouver-born actor Ryan Reynolds has been aggressive in his pursuit of the Senators since coming to a game in Ottawa 10 days ago. He is believed to have spoken to representatives of interested parties to see who could be the right partner.

We’ve also been led to believe Reynolds, 46, has spoken with NHL commissioner Gary Bettman to express official interest. The league would like to see Reynolds as part of the group.

This process will be expedited once GSP’s financial information is shared with applicants.

Bidders will not be granted access unless approved by GSP and a deposit may be required. This will be a huge transaction with the possibility of selling the Senators for between $800 million and $1 billion.

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We’ve been led to believe that the site will close on December 31st with offers opening on New Year’s Day. Things could move quickly from there, and depending on how the league’s review process goes, we could have a good idea of ​​who will buy the Senators by mid-January.

After that, the paperwork could take four to six months to complete, but everyone involved here hopes to have the deal finalized by June. That would be the best case scenario as time is ticking as NCC wants a lease agreement by September.

Although Senators President of Business Operations Anthony LeBlanc and Chief Financial Officer Erin Crowe continued to work on the deal with NCC, the new owner should be present to sign the deal.

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“You have the month of December to do your due diligence and then you have to submit an offer,” a league source said. “There will be a round of bidding.”

While GSP is processing bids, that doesn’t mean the team will necessarily sell to the group that offers the highest amount of money.

“This was a necessary and prudent step in reaching out to these very interested parties who can give us their vision for the future of the team,” said Sheldon Plener, a Toronto lawyer and member of the three-member board of directors, which is responsible for managing the franchises. when GSP was hired last month.

Another reality is that this team is being sold to a group willing to keep it in Ottawa, and we’re told that as part of the deal they must commit to building a new rink downtown.

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Senators winger Mathieu Joseph battles Devils defenseman Dougie Hamilton for a rebound after goalie Akira Schmid made a save in the first half of Saturday’s game at the CanadianTire Centre. Photo by Errol McGihon/POSTMEDIA

Following the death of former owner Eugene Melnyk in March, the team is in the hands of his daughters, Anna and Olivia, and is run by a trust. Plener serves as team governor and executor of Melnyk’s estate.

It is understood the Melnyk family would like to keep some of the inheritance after the sale is completed.

“It’s a smart process that Sheldon has put in place for the family,” the league source added. “It protects their interests and gives them more leverage to get the bidder they want.”

Postmedia has linked the following names to Senators ownership offers:

• Andre Desmarais from Power Corp. along with Michael and Jeffrey Kimel, who previously owned 20 percent of the Pittsburgh Penguins;

• Hamilton billionaire Michael Andlauer, who owns 20 percent of the Montreal Canadiens;

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• Rocco Tullio, a Windsor developer who offered $650 million for the team before Melnyk’s death;

• Billionaire Angelo Paletta from Hamilton and his family;

• Farmboy CEO Jeff York is trying to gather a group of local investors to work with the new owner. Clairridge Homes’ Neil Malhotra is believed to have been upset about joining this group.

• Paul Rivett, co-owner of the Toronto Star, is trying to rally the group.

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Source: ottawacitizen.com

Garrioch: The Ottawa Senators offer is about to get serious as Ryan Reynolds steps up his efforts to become part of the group

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