Report: Apostolopoulos withdraws bid for Senators

In a surprise turn, Toronto-based billionaire Steve Apostolopoulos has withdrawn from the bidding process for the Ottawa Senators, Bruce Garrioch of Postmedia reports.

Apostolopoulos was believed to have submitted the highest bid for the team at more than $1 billion, but grew frustrated by the lengthy process, according to Garrioch.

Apostolopoulos, founder of the private equity firm Six Ventures Inc., was reported to have joined a group led by Windsor-based construction/land developer and Oshawa Generals owner Rocco Tullio to help back his bid for the NHL franchise.  

Apostolopoulos recently lost out on a bid for the Washing Commanders NFL franchise and was also rumoured to be interested in the Charlotte Hornets NBA franchise. 

There were four bids submitted for the franchise prior to the May 15 deadline, though Garrioch reports only two remain with a chance as the celebrity-backed Neko Sparks venture is seen as "underfunded and doesn’t stand much of a chance of winning."

Michael Andlauer's bid, along with a bid by Jeffrey and Michael Kimel of Harlo Capital, appear to be the only remaining options.

Anna and Olivia Melnyk – daughters of the late Eugene Melnyk – took over the franchise after the Senators' owner passed away in March of 2022. The team was put up for sale last November.