The Ottawa Senators are officially up for sale. The team announced that the process for finding a new owner officially kicked off on Friday.

“Galatioto Sports Partners has been retained as financial advisor and a process has been initiated for the sale of the Ottawa Senators Hockey Club,” Senators chairman and governor Sheldon Plener said. “This was a necessary and prudent step to connect with those deeply interested parties who can show us what their vision is for the future of the team.”

Any interested buyer would have one condition to abide by when taking over the Senators. Plener says any future owner of the team must keep the franchise in Ottawa.

Businessman Eugene Melnyk bought the Senators in 2003. The team had declared bankruptcy after their return to the NHL as an expansion franchise in 1992. Melnyk passed away in late March because of complications of an illness.

In the wake of Melnyk's death, his daughters Anna and Olivia have overseen the team. During Melnyk's time as owner, the Senators made the Stanley Cup playoffs on nine occasions. This includes a trip to the Stanley Cup Final in 2007, and an appearance in the 2017 Eastern Conference Finals.

One potential suitor for the franchise is Deadpool actor Ryan Reynolds. Reynolds currently co-owns Welsh football club Wrexham AFC, who play in the fifth tier of the English football pyramid.

According to People Magazine, the Deadpool actor is interested in buying the franchise. Furthermore, it is important to him that the team remains in Ottawa.

The Senators have lost four straight games and sit with a 4-6 record. They take on the Philadelphia Flyers on Saturday with the aim of turning things around.