Ottawa Senators worth more than $1.1 billion, report shows

The Ottawa Senators logo on the Canadian Tire Centre is seen in this undated image. (CTV News Ottawa)

The Ottawa Senators are having success on and off the ice to start the 2024-25 season, with the club winning five of its first nine games and a new report showing the value of the NHL club has increased 20 per cent over the past year to over $1 billion.

Michael Andlauer and his group purchased the Ottawa Senators from the estate of the late Eugene Melnyk in 2023 for $950 million.

A new report released by Sportico on Wednesday shows the Senators are valued at $1.14 billion. The Senators rank 29^th out of 32 teams in the league for value.

Sportico says the value of the Ottawa Senators has increased 111 per cent from just over $540 million in 2021 to $950 million in 2023 and $1.14 billion this year. The Senators have the sixth highest increase in NHL franchise values in the league over the past three years.

Sportico says revenue for the Senators increased from $134 million in 2021-22 to $157 million in 2023-24.

There have been a lot of positives for the Senators since Andlauer and his group completed the purchase of the club and Canadian Tire Centre in September 2023. Other members of the ownership group include Jeff York, the Malhotra Family and Anna and Olivia Melnyk, the daughters of Melnyk.

Last month, the NHL's Board of Governors approved Andlauer purchasing an additional 12 per cent ownership stake in the Senators from George Armoyan.

The Senators have also reached an agreement with the National Capital Commission to build a new arena at LeBreton Flats in September. There is no timeline for construction to begin.

The Toronto Maple Leafs are the most valuable team in the NHL at $3.66 billion, up 38 per cent from a year ago. The New York Rangers are valued at $3.25 billion, and the Montreal Canadiens are valued at $2.93 billion.

Sportico says NHL teams are valued at a combined $57.3 billion, with the average NHL franchise worth $1.79 billion, up 37 per cent from 2023.

Sportico's Kurt Badenhausen says the increase in NHL valuation comes after the NHL "found solutions for its two biggest problem franchises (Arizona and Ottawa), arenas are packed for NHL games and concerts, and competition for the new Canadian TV deal is expected to produce an agreement worth more than double the current pact and even triple if things break right."