Ryan Reynolds, Remington Group, looking to bid over $1 billion for Ottawa Senators

The actor and investor has until May 15th to place a final bid for the team

Ryan Reynolds and Rob McElhenney in Welcome to Wrexham

First, it was Aviation Gin. Then, it was Wrexham Football Club. Now, famous actor and notable businessman Ryan Reynolds, along with Remington Group, are set to place a massive bid to take over the NHL’s Ottawa Senators and the Canadian Tire Centre.

League sources recently reported to the Ottawa Sun that the Markham-based group headed by Reynolds and real estate mogul Christopher Bratty is planning to bid over $1 billion (approximately over $1.35 billion CAD) for the team and its home arena.

It’s been reported that banker Galatioto Sports Partners have been hired by current owners, the Melnyk family, to sell the team. Both Reynolds and Bratty have stated that they are open to the idea of the Melnyk family keeping a legacy piece of the team. Final binding bids have a deadline set for May 15th. Reynolds and Bratty are looking to secure the deal as soon as possible and have been very open and aggressive about their interest in the hockey team.

Part of the proposal alleges the duo is planning to build a new rink close to downtown Ottawa, complete with a surrounding entertainment district. The two have already met with officials from the National Capital Commission in March 2023 to discuss potential location changes.

The general belief is that the Remington Group is ready to redevelop the space where the Canadian Tire Centre currently resides. The exact plan is unknown at this time, but Ottawa Mayor Mark Sutcliffe recently said that he wanted to make sure the current area wasn’t deserted.

If the deal is completed, it’s expected that the Remington Group will meet with FarmBoy CEO Jeff York, as well as other Ottawa business heads, and be brought aboard as investors. If the group is able to obtain the franchise, Reynolds already understands the importance of the organization playing a big role in the community.

Senators fans will no doubt be hoping the deal will go through. The team last won a conference championship in the 06-07 season, and the coveted Stanely Cup Trophy still alludes to them. However, in just two seasons as co-owner of Wrexham A.F.C., Reynolds was able to help lead the squad to its first league title in 45 years.

Several other groups have met with Senator executives, including:

  • Michael Andlauer, the owner of the OHL’s Hamilton Bulldogs and a minority owner of the Montreal Canadiens.
  • Jeffrey and Michael Kimel, owners of Harlo Capital Group and who recently sold their share in the Pittsburgh Penguins.
  • Toronto billionaire Steve Apostolopoulos, who made a $6 billion USD (about $8.1 billion CAD) bid to purchase the NFL’s Washington Commanders.
  • Los Angeles-based producer Neko Sparks was reportedly the highest bidder in the first round at more than $900 million USD (about 1.2 billion CAD).
  • Vivek RanadivĂ©, the owner of the NBA’s Sacramento Kings.
  • The owner of a hockey publication has also made a bid.

It is unclear how many groups will continue into the second round of bidding, perhaps motivating Remington’s recent rush to secure a takeover.

Ryan Reynolds reportedly wants to do a streaming show for the Senators in the vein of his popular Wrexham documentary. Reynolds’ U.S.-based budget wireless provider Mint Mobile was also recently bought by T-Mobile for a reported price of as much as $1.35 billion USD (about $1.86 billion CAD).

Image credit: Disney

Source: Ottawa Sun Via: Ottawa Sun