Senators preparing for a sale to new ownership

Sportico confirmed Tuesday what a lot of us suspected, that the Ottawa Senators are preparing for a sale.

The National Hockey League (NHL) has tiptoed around this inevitability since Eugene Melnyk died last March — both out of sensitivity to his daughters and the practicality of the situation. Sportico valued the team at $655M, but that’s a lowball. 

Valuation articles are fun to read, but remember a team is worth what someone is willing to pay for it. What makes more sense? Selling the Senators now, or selling them when the downtown arena is finalized and lawsuits involving the estate are settled? It’s option B, and everyone knows it.

As recently as two weeks ago, commissioner Gary Bettman and deputy commissioner Bill Daly proclaimed “business as usual” around the organization. That’s a polite way of saying, “move along, nothing to see here,” but, underneath the surface, there is furious paddling. The public acrimony of the previous negotiations surrounding the LeBreton Flats arena site made them doomed to fail. The silence this time indicates things are much more serious.

Conversations are also (quietly) underway to settle the lawsuits from those failed talks. It’s been suggested that there’s progress, but nothing is done until it's done. Ottawa also extended (or began conversations to extend) some employees — such as assistant coaches and American Hockey League (AHL) coaches — for security heading into the unknown. 

There’s jockeying among potential owners. The NHL knows who’s out there, who’s expressed interest, who’s serious, who isn’t, who’s bluffing about their true intentions. But there’s a process and that’s why Ottawa hired Galatioto Sports Partners, to navigate the waters. 

Everyone knew this was coming, but now it’s real.