The Ottawa Senators are moving their AHL franchise closer to home, and at the same time giving a former OHL city a new team.

The NHL club announced Monday owner, governor and chief executive officer Eugene Melnyk has purchased the American Hockey League franchise currently residing in Binghamton, N.Y. and will move it to Belleville, Ont. for the start of the 2017-18 AHL season.

As part of the deal, the City of Belleville will undertake more than $18.5 million in renovations to modernize Belleville's Yardmen Arena.

Belleville lost the OHL Bulls to the city of Hamilton last year.