garrioch andlauer takes over
Ten months after the Senators were officially put up for sale by the estate of late Eugene Melnyk, Toronto healthcare billionaire Michael Andlauer and his group were expected to sign on the dotted line Thursday to purchase the club for $950 million .Three league sources told Postmedia the sale of the club would close Thursday, barring any last-minute hiccups and the expectation is Andlauer will be introduced with his partners at a press conference Friday at the Canadian Tire Centre.
Representatives of the Melnyk estate and New York-based sports banker Galatioto Sports Partners reached an agreement in principle with Andlauer’s group on June 13 following a lengthy auction process that included four final bids for the franchise.Article content Andlauer, 57, becomes the fourth owner in the history of the franchise and he’s expected to be introduced Friday afternoon during a splashy news conference at the Canadian Tire Centre. His partners in the transaction have all been invited to attend, but it’s not clear if they’ll all be there.Anna and Olivia Melnyk, Eugene Melnyk’s daughters, have opted to retain a 10-per-cent share in the franchise.
Local businessman Jeff York, a partner in Farm Boy and Sobey’s, put together a group with 20-plus investors.Paul and Michael Paletta of Burlington-based Alinea Group holdings, who have been partnered with Andlauer since he initially pursued the franchise last November.Share this article in your social network
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