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Group led by Toronto businessman Michael Andlauer buys Ottawa Senators

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Ottawa Senators is coming to a close.A group led by Toronto-based businessman Michael Andlauer has reached an agreement in principle to purchase the NHL team, the Senators announced Tuesday.Terms of the deal weren’t released, but reports from Sportico and Postmedia value the deal at close to US$1 billion.The sale still needs to be approved by the NHL’s board of governors.Andlauer is the sole owner of the Ontario Hockey League’s Hamilton Bulldogs and a minority owner of the Montreal Canadiens.The 57-year-old is also the founder and chief executive officer of Andlauer Healthcare Group, which owns health-care supply chain companies.

He’s also the founder of Toronto-based merchant bank Bulldog Capital Partners.“I believe that the Senators’ fanbase is one of the most passionate in the league,” Andlauer said in a statement.

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