The board of directors of Senators Sports & Entertainment announced on Tuesday that a group led by Michael Andlauer has entered into an agreement to purchase the controlling interest of the Ottawa Senators,
While the board has not disclosed the terms of the deal, multiple reports put the purchase price at nearly $1 billion.
The transaction next goes before the NHL's Board of Governors, to whom Andlauer is familiar. He owns a 10 percent stake in the Montreal Canadiens and is an alternate governor. He also owns the Ontario Hockey League's Brantford Bulldogs.