Speaking at a corporate event in Toronto on Tuesday, Ottawa Senators owner Eugene Melnyk outlined his team's plans moving forward.

Melnyk said he expects the team's rebuild to take another season or two, but when his general manager believes the team has all of its foundation pieces in place, he plans for the Senators to spend close to the NHL's salary cap every year for a five-year run from 2021-25.

Melnyk said the team's current rebuild is a blueprint to bring a Stanley Cup championship to Ottawa.

The Senators are currently last in the Atlantic Division with a 19-28-5 record, good for 43 points. The Colorado Avalanche own the Senators' first-round draft pick this season as part of the trade that sent Matt Duchene to Ottawa in 2017.

Melnyk spoke in front of close to 200 guests at the event, which included the team's corporate sponsors and partners. The club released a statement on Wednesday night summarizing the speech.