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Michael Andlauer won the bidding for the Ottawa Senators, reaching agreement to purchase the NHL franchise.

While the club announced the agreement on Tuesday, no sale price was released. Multiple reports said Andlauer will pay nearly $1 billion for the Senators after agreeing to terms of the sale, which prohibited moving the team from Ottawa. He shared plans for a new arena as part of his bid.

Under terms of the sale, Andlauer will own 90 percent of the team and take control of its operations. The remaining 10 percent will be owned by Anna and Olivia Melnyk, the daughters of Eugene Melnyk, the late owner.

The transaction next goes before the NHL’s Board of Governors, to whom Andlauer is familiar. He owns a 10 percent stake in the Montreal Canadiens and is an alternate governor.

Andlauer, 57, would divest his stake in the Montreal franchise before being fully approved to take over the Senators.

“We are very pleased to announce that we have entered into an agreement to sell controlling interest of the Senators to Michael Andlauer,” said Sheldon Plener, the chairman and governor of the Senators, in a statement. “Michael represents everything we could have hoped to find coming into this process — a passionate owner who is committed to Ottawa.”

Andlauer sounded eager to get to work.

“The Senators’ fanbase is one of the most passionate in the league and I’m excited to take the franchise’s success both on and off the ice to the next level,” he said. “The short and long-term future of the team is incredibly bright, and I look forward to getting to know the team, the fanbase and the community.”

Andlauer’s offer edged a joint effort by Jeffrey and Michael Kimel of Harlo Capital to purchase the Senators. The Ottawa Sun reported the bid submitted by Los Angeles-based producer Neko Sparks was “underfunded” and Toronto-based billionaire Steve Apostolopoulos, who dropped out of the bidding.

Eugene Melnyk purchased the team out of bankruptcy in 2003. He died in March 2022, and his daughters inherited the franchise. In November, a process for the team’s sale was initiated.

Andlauer is the CEO of the Andlauer Healthcare Group Inc. and also has 35 years of experience in the transportation industry in Canada. He also founded Bulldog Capital Partners, a merchant bank based in Toronto.

–Field Level Media