New bidder enters race in Ottawa Senators bidding war

Since the Ottawa Senators were put up for sale in November last year, several bidders have expressed interest in purchasing them.

The Senators' sale process is advancing to the final stages, and the identity of the new bidder has been revealed. According to Northstar.ca, W. Graeme Roustan is the new bidder interested in purchasing the club's ownership.

The report by Northstar.ca states that Roustan is interested in purchasing the Senators and the group led by him is also said to be partnering with First Nations.

The group participated in the first phase of the bidding, from which they eventually advanced. The group also involves other investors whose identities are unknown as of now.

The group is intent on constructing a new 'Sens' arena around the LeBretor Flats in the downtown area of Ottawa. Roustan has close ties to the NHL and has previously been involved in the purchase of NHL teams.

His involvement was not revealed until now because the NHL has kept the identity of most of the bidders interested in buying the club hidden from the public. As such, some of the names that have been revealed previously have been rubbished as mere speculation by NHL executives.

W. Graeme Roustan is the current Chairman, owner and publisher of Roustan Media and Roustan Capital. He previously held the position of Chairman of Performance Sports Group, as well as ownership of the Bauer hockey brand and other brands as well.

Other bidders interested in purchasing the ownership of the Ottawa Senators

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Actor Ryan Reynolds, the Remington Group (led by Christopher Bratty), Ottawa Generals owner Rocco Tullio and billionaire Michael Andlauer are reported to be the frontrunners. There are also other bidders whose identities are unknown.

According to Gary Bettman, after the first phase of bidding is completed, the second phase could be held in a matter of weeks:

"You begin the process of winnowing down the number of interested parties, and while you're reducing the number of parties, you're hopefully increasing the magnitude of their interest for those that are remaining," Bettman said.

"No magic there. It's typical for what goes on in the sale of franchises in any sport, but I'm gratified to see the amount of interest."

According to a report by the Ottawa Sun, the NHL may finally reach an agreement with one of the frontrunners for ownership next month. The paperwork is expected to be on the desk by July 1.

The Ottawa Senators' price tag is expected to be around $800 million, but according to reports, it could reach $1 billion once the sale process is completed.