Reported top-bidder Steve Apostolopoulos backs out of Ottawa Senators’ ownership bid

The Ottawa Senators are reportedly down to only two serious bidders for ownership of the team.

Toronto owner Steve Apostolopoulos has left the bidding process, according to Senators reporter Bruce Garrioch of the Ottawa Sun. He’s left out of frustration with the process and how long negotiations have taken with him and the Melnyk estate and Galatioto Sports Partners.

Apostolopoulos was reportedly the highest bidder in the process, with a bid believed to be higher than $1 billion, so it could be a big blow to a Senators franchise hoping to finally be able to spend some money. However, there is a chance that either GSP or the Melnyk estate can draw him back in.

Apostolopoulos is the second bidder to walk away after Ryan Reynolds and Remington Group did the same last month. Like Apostolopoulos, that group walked away out of frustration with the process, although their frustrations were related to not being granted a window to talk with the National Capital Commission and the city of Ottawa to negotiate a deal for a new arena.

This dwindles the Sens ownership bid down to two serious offers, with Toronto businessman Michael Andlauer and Jeffrey & Michael Kimel of Harlo Capital remaining from the official bidders at the May 15th deadline. The bid from Los Angeles producer Neko Sparks remains on the table, but reports indicate that the bid is underfunded and doesn’t stand much of a chance of winning.

According to sources of the Sun, Andlauer’s bid becomes the front-runner with Apostolopoulos backing out, with his bid reported to be around $900 million. Andlauer is a part owner of the Montreal Canadiens and is a member of the NHL’s board of governors, making him a draw for the league head office.

The Sens have been searching for new ownership ever since the Melnyk estate put the team up for sale on November 7th, 2022. The team had been briefly overseen by Anna and Olivia Melnyk after the passing of their father and previous owner Eugene Melnyk back in March 28th, 2022, but they are looking for a fully committed ownership group to take over the team.