The Ottawa Senators are reportedly about to go up for sale. The family of late owner Eugene Melnyk has hired Galatioto Sports Partners to help sell the team, according to a report from Sportico.
Melnyk died in April and left the team to his two daughters, Anna and Olivia, who are both under 25-years-old. The team is currently being run by a board of three people with the ownership situation in flux.
Sportico values the Senators at $665 million, which would rank them 27th in the NHL. Two recent NHL sales also provide some insight into the Senators' valuation. In 2021, the Pittsburgh Penguins sold to Fenway Sports Group for $900 million. Just recently, former Tennessee governor Bill Haslam bought a majority stake in the Nashville Predators in a deal that valued the franchise at a total of $775 million.
In 2017, the Senators made a run to the Eastern Conference final before falling to the Penguins, the eventual Stanley Cup champions. After that, things have spiraled downward for the team, and Ottawa hasn't made the playoffs since that time. As the product on the ice deteriorated, attendance dropped sharply, and the Senators have had trouble filling the Canadian Tire Centre.
Having said that, there is some optimism for the Senators moving forward. They have used their draft capital to create a core of young and promising players, and the franchise was aggressive in acquiring veteran talent this past offseason. Off the ice, the Senators have begun the process of securing a new arena in downtown Ottawa, which would make it easier for more fans to get to the games.
