The Otawa Senators have reached a deal in principle with Toronto businessman Michael Andlauer over the sale of the club.
The Senators are set to become the most expensive team in NHL history with Andlauer's group agreeing to purchase the franchise for nearly $1 billion. Ryan Reynolds has expressed interest in buying the team for some time, but after initially withdrawing his proposal it's now confirmed he won't be taking over the team.
Andlauer's deal was confirmed by the Senators on Tuesday, with the investment group jumping to the front of the queue to acquire the franchise owned by the late Eugene Melnyk. Andlauer's offer will now be elevated and they'll work with the NHL to complete the deal.