Michael Andlauer, who bought the Ottawa Senators for $950 million in September, sold his 10% minority interest in the Montreal Canadiens at a record $2.5 billion enterprise value, Sportico reported Wednesday.
The Molson family, which owns a controlling stake in the Canadiens, exercised their option of the first right to buy Andlauer’s stake.
As part of the agreement when he bought the Senators, Andlauer was required to sell his Canadiens stake, which is a record for a standalone NHL team.
The Toronto Maple Leafs were part of an $8 billion valuation this summer, but it was part of a stake in Maple Leaf Sports & Entertainment, which also includes the NBA’s Toronto Raptors and Major League Soccer’s Toronto FC.
Andlauer, the founder and CEO of Andlauer Healthcare Group, had been a minority owner of the Canadiens since 2009, when the Molson family bought the team from George Gillett for $575 million.
Along with the Senators, Andlauer’s group acquired Ottawa’s American Hockey League affiliate, the Belleville Senators, from the estate of Eugene Melnyk. The Melnyk estate kept a 10% interest in the club.
The Canadiens and Senators did not respond to requests for comment from Sportico, while the NHL declined to comment.