The sale of the 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 have announced.

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.

The board of directors of Senators Sports & Entertainment initiated the process to sell the team in November after the death of owner Eugene Melnyk.

Melynk's adult daughters, Anna and Olivia, will retain a 10 per cent stake in the club.

This report by The Canadian Press was first published June 13, 2023.

This is a corrected story. The sale price of the Senators is based on reports, not from the team.