Is change coming to Canada’s capital?

According to Postmedia’s Bruce Garrioch, the Ottawa Senators have retained New York-based investment bank Galatioto Sports Partners to help facilitate the sale of the team.

Garrioch said the team is expected to remain in Ottawa, despite the potential sale. The Senators are owned by Olivia and Anna Melnyk, the daughters of Eugene Melynk who passed away in March.

The report comes hours after Sportico first reported the potential sale along with its 32-team franchise valuations. The Senators placed 27th with a $655 million valuation. According to Garrioch, that number could be higher if the team gets sold.

The Senators initially premiered in 1992 under the ownership of local real estate developer Bryce Firestone. In 1993, Rod Bryden would become the majority owner until the team declared bankruptcy protection in 2003. Melnyk purchased the club for $130 million and served as owner until his death this past spring.

The organization’s business arm is currently being operated by the team’s president of business operations, Anthony LeBlanc, and CFO Erin Crowe. GM Pierre Dorion is handling the team’s hockey operations.

Garrioch reported that the Melnyk daughters are taking their time doing due diligence before making any decisions.

The Senators play at the Canadian Tire Centre in Kanata, which is more than a 20-minute drive from downtown Ottawa. The team signed a memorandum of understanding with the National Capital Commission and other investors this past summer to build a new downtown arena just west of Parliament Hill in LeBreton Flats.

On the ice, the Senators sit last in the Atlantic Division with a 4-4-0 record through eight games. Many expected the Senators to take a big step forward this year, but long-term injuries to forward Josh Norris and goaltender Cam Talbot have caused expectations to stall early on.

The Senators have not issued a comment on the potential sale at the time of publication.