The Ottawa Senators have confirmed that the team is going up for sale.

In a statement on the team’s website, team chairman and governor Sheldon Plener said a condition of the sale is keeping the team located in Ottawa.

“Galatioto Sports Partners has been retained as financial advisor and a process has been initiated for the sale of the Ottawa Senators Hockey Club,” Plener said.”This was a necessary and prudent step to connect with those deeply interested parties who can show us what their vision is for the future of the team.”

The team is owned by Anna and Olivia Melnyk, the daughters of the late Eugene Melnyk who passed away in the spring.

News about the Senators’ potential sale came to light on Tuesday following Sportico’s report of NHL team valuations. According to Postmedia’s Bruce Garrioch, the team’s $655 million valuation could become higher if the club is sold.

Garrioch reported numerous parties are interested in purchasing the club, including Canadian actor Ryan Reynolds.

The Senators initially premiered in 1992 under the ownership of local real estate developer Bruce 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 Senators play at the Canadian Tire Centre in Kanata, 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.

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.

The Senators currently sit last in the Atlantic Division with a 4-6-0 record through 10 games. The team has lost its past four games, marking the longest active losing streak in the division. Starting goaltender Cam Talbot finally saw his first game action on Thursday after dealing with an injury since training camp. Forward Josh Norris – the team’s leading goal-scorer in 2021-22 – is expected to miss most of the season with a shoulder injury, while defenseman Artem Zub is on injured reserve with an upper-body injury.