On Friday, Bruce Garrioch of Postmedia came out with the shocking news that Toronto-based billionaire Steve Apostolopoulos has withdrawn from the bidding process for the Ottawa Senators.
Per Garrioch, Apostolopoulos was believed to have submitted the highest bid for the team at more than $1 billion, but grew frustrated by the length of the tedious process.
Apostolopoulos is the founder of the private equity firm Six Ventures Inc and recently joined the group led by Windsor-based construction/land developer and Oshawa Generals owner Rocco Tullio to help back his bid for the Sens.
While in mid-May it was reported that four bids submitted for the franchise prior to the deadline, Garrioch now reveals that only two suitors remain with a chance as the celebrity-backed Neko Sparks venture is seen as “underfunded and doesn’t stand much of a chance of winning.” Garrioch believes that Michael Andlauer’s bid, along with a bid by Jeffrey and Michael Kimel of Harlo Capital, are the only remaining options.
This would be a second failure for Apostolopoulos when it comes to sports teams’ ownership. He recently lost out on a bid for the Washing Commanders NFL franchise and was also rumoured to be interested in the Charlotte Hornets NBA franchise.
Daughters of the late Eugene Melnyk, Anna and Olivia Melnyk took over the franchise after the Senators’ owner passed away in March 2022 and put the team for sale last November.
And it looks like the saga will continue…