Toronto-based billionaire Steve Apostolopoulos has withdrawn from the bidding process to purchase the Senators, the Ottawa Sun reported on Friday.
Per the newspaper, Apostolopoulos informed the officials with the Melnyk estate, the NHL and Galatioto Sports Partners after growing frustrated with the ongoing negotiations.
Apostolopoulos, who reportedly made the highest bid for the team at more than $1 billion, is the founder of the private equity firm Six Ventures Inc.
Per the newspaper, bids by Michael Andlauer and a joint effort by Jeffrey and Michael Kimel of Harlo Capital are the realistic options remaining to purchase the Senators. The Ottawa Sun reported the bid submitted by Los Angeles-based producer Neko Sparks is "underfunded and doesn't stand much of a chance of winning."
Previous owner Eugene Melnyk died in March 2022, and his daughters Anna and Olivia Melnyk inherited the franchise. In November, a process for the team's sale was initiated. Keeping the team in Ottawa is a precondition of any sale.
--Field Level Media