The Ottawa Senators have a new owner. The team announced on Tuesday that the consortium led by businessman Michael Andlauer has completed the acquisition of the franchise. A tentative agreement has been reached.

Some media, including the Ottawa Sun and Sportsnet, broke the news earlier Tuesday.

The team was put up for sale shortly after the death of Eugene Melnyk, owner of the club since 2003. The deal would be worth almost $1 billion, according to journalist Bruce Garrioch of the Ottawa Sun, who has been following the case closely for months. Melnyk’s heirs, his daughters Anna and Olivia, also retain 10% of the team.

A native of Toronto, Andlauer is the President and Founder of ATS Healthcare, a transportation company specializing in healthcare. He is also the founder of the investment company Bulldog Capital Partners. He already has entries into the upper echelons of the NHL, since he is a minority shareholder of the Montreal Canadiens.

This transaction, which must still receive the approval of commissioner Gary Bettman, could breathe new life into the Ottawa Senators franchise. The late Eugene Melnyk was renowned for his tight management of finances, which limited his club’s spending power. One can also wonder if the buyers will relaunch the project to build a new arena in the city center of the federal capital. The team currently plays its home games in suburban Kanata.

The sale of the Senators has generated interest from several groups. The names of star investors, including actor Ryan Reynolds and rapper Snoop Dogg, have been linked to the process.