Following months of speculation and a lengthy bidding war, the Ottawa Senators have finally found their new owner: billionaire Michael Andlauer.

“Breaking: Sources say Michael Andlauer will be the new owner of the Ottawa Senators,” wrote Postmedia's Bruce Garrioch on Tuesday morning.

The bid is believed to be worth close to $1 billion USD, which, if confirmed, would be the most money an NHL team has ever sold for. The late Eugene Melnyk purchased the team out of bankruptcy in 2003 under the terms that the team must remain in the nation's capital.

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“Sources say Andlauer has reached an agreement in principle to purchase the Senators. That means his offer has been elevated to the next stage of due diligence and work will now ramp up with the National Hockey League to try to close the deal,” wrote Garrioch.

The 57-year-old currently owns the Ontario Hockey League's Hamilton Bulldogs and owns a minority share in the Montreal Canadiens, as well as being a member of the NHL's board of governors.

Due to the successful bid, he will be forced to sell his 10 percent share in the Canadiens. Although he has a team of investors for the bid, it is believed Andlauer himself will have the controlling interest in the Sens.

He will also receive preferred bidder status to build a new rink at LeBreton Flats in Ottawa.

Although multiple bids were made, only four were submitted for the franchise prior to the May 15 deadline, including a celebrity-filled bid from Neko Sparks that included Snoop Dogg.

The team was put up for sale last November after Melnyk passed away in March of 2022. His daughters, Anne and Olivia, will reportedly retain 10 percent ownership of the franchise.

“Michael Andlauer will be a great owner,” a source said.

It looks like a new era is finally coming for the Ottawa Senators.