Tuesday April 22, 2003
Slam! Sports is reporting that Toronto businessman Eugene Melnyk is confident his bid to purchase the NHL's Ottawa Senators will be successful.
Melnyk, who submitted a formal offer to purchase the insolvent franchise after Rod Bryden's deal to re-acquire the team failed in late February, said Tuesday that he expects the deal to be finalized early next month.
"We're hoping the sale is completed in the next couple of weeks," he said while at the Ottawa Civic Centre, where the OHL club he owns, the St. Michael's Majors, were playing Game 3 of their Eastern Conference final against the Ottawa 67's.
"It's always been a dream of mine. It's a great franchise, it's very well organized and it's a Stanley Cup contender."
Melnyk flew in from his home in Barbados and met with Senators senior management Tuesday afternoon. He said the sale of luxury suites at the Corel
Centre for next season begins next week, so he's anxious to finalize the process and assume control.
He quelled speculation Tuesday that the deal was already done, but he is scheduled to meet with various creditors and court-appointed monitors April 29.
The franchise has been in trouble since a plan to reduce its massive debt load, reported to be in excess of $300 million, fell through at the new year and the club filed for bankruptcy protection -- a move that reduced its debt to less than $100 million.
Melnyk, who arrived at the Civic Centre followed by his own entourage, re-affirmed Tuesday that he'll keep the team in Ottawa.
"We need co-operation from a number of stakeholders," he said. "There are some things we need to do to stem the losses. We're going to try to get more fans out."
PROSPECTIVE CITIES
TEAMS IN TROUBLE
EXPANISON HISTORY
RELOCATION HISTORY
MESSAGE BOARDS
NEWS ARCHIVE