Transport magnate Michael Andlauer, currently a minority owner of the Montreal Canadiens, is among the investors showing strong interest in purchasing the Ottawa Senators according to Bruce Garrioch.
The Hamilton Bulldogs owner joins businessman Andre Desmarais (Power Corporation), Neil Malhotra (Claridge Homes) and Ottawa Generals owner Rocco Tullio as the early front runners now that the Senators franchise has officially been put on the market following Eugene Melnyk’s passing in late March.
The Senators have one of the lowest franchise values in the league, but the nation’s capital currently offers an interesting opportunity for a healthy return on investment.
The project will replace the aging Canadian Tire Centre, currently located over 20 kilometres west of downtown Ottawa.
Actor Ryan Reynolds, a former Vanier resident, also showed interest in buying the Senators, though the current price tag, estimated to be between upward of US$800 million, may push the Wrexham AFC owner out of the bidding.
Breaking: Ottawa Senators win bid for downtown arena on LeBreton Flats https://t.co/OOBvRqy0Ys
— Ottawa Citizen (@OttawaCitizen) June 23, 2022
Return On Investment
Andlauer was part of the Geoff Molson-led group that purchased the Montreal Canadiens, the Bell Centre, and the Gillette Entertainment Group (Evenko) in 2009 for USC$575 million, and reportedly owns a 20% stake in the franchise.
The Notre-Dame-de-Grâce native’s original investment is estimated at US$28 million.
The 2021 Forbes NHL franchise evaluation places the Canadiens’ value at US1.6 billion.
Andlauer also serves as an alternate governor for the Canadiens.
This is not the first time Andlauer is linked to the purchase of the Senators, however, purchasing another NHL franchise would be judged a conflict of interest, which would lead to Andlauer selling his shares in the Canadiens.
Andlauer’s business, the Andlauer Healthcare Group, is a supply-chain company focused on healthcare logistics, with a market cap of US$2.3 billion.