Thoroughbred owner Eugene Melnyk is expected to sign a conditional agreement to purchase the Ottawa Senators National Hockey League franchise next week for a reported $68.8-million.
Although an agreement is at hand, a final deal for the club and the Coral Centre will not close for several weeks while negotiations on the arena are ongoing, the globeandmail.com reported. Melnyk is expected to offer between $15-million and $25-million for the arena.
The Senators, who host the Philadelphia Flyers in Game 1 of the Eastern Conference playoff semifinals on Friday night, have been for sale since filing for bankruptcy protection in January. The club reportedly owes creditors about $180-million while the Corel Centre owes around $210-million.
Melnyk’s offer will not cover the debts owed to the club’s major creditors, which include the National Hockey League, CIBC and FleetBoston Financial.
Despite the Senators boasting the best record in the Eastern Conference this year, Melnyk’s advisors point to mounting financial losses and poor ticket sales as reasons against buying the club.
!
Although an agreement is at hand, a final deal for the club and the Coral Centre will not close for several weeks while negotiations on the arena are ongoing, the globeandmail.com reported. Melnyk is expected to offer between $15-million and $25-million for the arena.
The Senators, who host the Philadelphia Flyers in Game 1 of the Eastern Conference playoff semifinals on Friday night, have been for sale since filing for bankruptcy protection in January. The club reportedly owes creditors about $180-million while the Corel Centre owes around $210-million.
Melnyk’s offer will not cover the debts owed to the club’s major creditors, which include the National Hockey League, CIBC and FleetBoston Financial.
Despite the Senators boasting the best record in the Eastern Conference this year, Melnyk’s advisors point to mounting financial losses and poor ticket sales as reasons against buying the club.
!
