The Ottawa Senators hockey club has been the focus of much attention since it was publicly put up for sale in November. The latest twist in the sale process came on Thursday when Hollywood star, Ryan Reynolds, and the Remington Group announced their withdrawal from the bidding race. Reynolds had been in the headlines regularly in recent months due to his apparent interest in purchasing the Senators, but sources indicate that the bid with the Remington Group hit a snag when they attempted a bold and aggressive strategy to try and secure the club.
Reynolds had been preparing to put in a firm offer of $900 million (U.S.) for the Ottawa Senators, but had requested an exclusive 30-day window to hammer out a new downtown arena deal for the Senators. This would have put all other bids for the team on hold, and would have allowed Reynolds and the Remington Group to close the deal themselves. However, Galatioto Sports Partners, who are coordinating the sale process, were unwilling to grant exclusivity to Reynolds and the Remington Group. The feeling was that other bidders, who have previous ownership ties with the NHL, would have opposed any preferential treatment granted to Reynolds.
Reynolds was leery of getting into a costly bidding war for the club without some assurance of an amenable downtown arena deal. He did not want to get into a situation where they spent over $1 billion (U.S.) for the hockey team, only to have the future of the downtown arena in jeopardy. Reynolds wanted assurance and clarity on the arena issue before proceeding with the purchase of the team and felt that asking for an exclusive negotiating window was the best route to achieving that goal.
There had been a glimmer of hope that Reynolds could reappear with another group. However, until this point, he had been fairly adamant that he wanted to work exclusively with the Remington Group. There is a chance that he could join forces with other bidders, but it would take some time for him to recover from this disappointment.
The next round of bids is due on Monday, and sources suggest that Reynolds’ departure from the process could drive the price down. One source even suggested that the sale price may not eclipse $1 billion (U.S.). However, there remains an excellent chance the price tag passed the $900 million paid for the Pittsburgh Penguins when they were sold to the Fenway Sports Group in 2021.
Reynolds’ vision was to help secure a streaming rights deal around a behind-the-scenes documentary around the Senators, similar to what he accomplished with the “Welcome To Wrexham” series. Another potential opportunity for him might be with the Neko Sparks ownership group. Reportedly, they would gladly accept Reynolds into their fold if the actor wanted to join forces. Earlier this month, Snoop Dogg aligned with the Sparks group, expressing his interest in purchasing the Senators.
There is also a possibility of Reynolds marrying forces with Andlauer’s group. After the bids are submitted on Monday, there will be an opportunity for GSP and Bettman to evaluate the final proposals and see if there are any opportunities to forge any last-minute partnerships.
In conclusion, with the withdrawal of Ryan Reynolds and the Remington Group from the sale process of Ottawa Senators, the next biggest question is what happens next? What is the direction the sale is headed, and how long would it take for the drama to unfold? Will Ryan Reynolds return as a part of any bid team? These questions and more will continue to linger in the minds of hockey lovers until the deal is sealed.
