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Victor Petkov
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Michael Andlauer reaches $1 billion deal for Ottawa Senators
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The Canadian billionaire will have to sell his other stakes in NHL clubs

Canadian billionaire Michael Andlauer has reached an agreement to acquire the shares of the NHL’s Ottawa Senators, the local media reports.

The 57-year-old Toronto businessman will pay almost $1 billion to become the owner of the club, which is one of the few in the NHL that has never won a Stanley Cup. The deal must be approved by the owners of the remaining 31 clubs in the league to be finalized. This is expected to be a formal procedure, as Andlauer is well known to the remaining majority owners.

He is already a minority owner of the Montreal Canadiens, where he owns a 10 percent stake, which he will have to sell. He also owns the Brantford Bulldogs of the Ontario Hockey League.

One of the main requirements the NHL had for candidates for a new owner of the Senators was that the team stay in Ottawa and not be based in another, larger market. According to the Ottawa Sun newspaper, this was the reason for the withdrawal of Toronto businessman Steve Apostolopoulos, while Los Angeles producer Nico Sparks was unable to find the necessary funds.