The sale of the Senators has "taken another stunning turn" and only two serious bidders remain in the mix after Toronto billionaire Steve Apostolopoulos, who had a fully financed bid believed to be worth north of $1B, informed officials with the Melnyk estate, the NHL and New York-based banker Galatioto Sports Partners (GSP) "he’ll no longer take part in the process." Apostolopoulos, who was "considered the frontrunner because he made the highest submission," is the second bidder to walk away from the sale process out of frustration because sources say he "felt the negotiations were too long with representatives of the Melnyk estate and GSP."
Apostolopoulos along with Toronto businessmen Michael Andlauer, Jeffrey and Michael Kimel of Harlo Capital and L.A.-based producer Neko Sparks "all submitted pitches to buy the Senators." Sources say the bid by Sparks is "underfunded and doesn’t stand much of a chance of winning." That means it’s "either going to be Andlauer or the Kimels" that will take control of this franchise and "neither group has submitted" a $1B bid for the Senators (OTTAWA SUN, 6/9).
