How Ryan Reynolds’ Bid to Purchase The Senators Fell Apart

The NHL has declined to comment on why exactly Ryan Reynolds and The Remington Group’s bid to purchase the Ottawa Senators fell apart, but the news that is surfacing suggests the Hollywood star, the NHL, and the group helping sell the team had different ideas about how a sale including the negotiation for funding to build a new arena would go down. When things floated off course, Reynolds’ group jumped ship.

This isn’t to say Reynolds wasn’t still interested, but the way he and his investors wanted to negotiate to finalize a sale didn’t align. In the end, actor Ryan Reynolds’ bid for the Ottawa Senators is likely over, at least when it comes to being involved with The Remington Group, multiple sources close to the process told ESPN and the Ottawa Sun.

Reports suggest Reynolds and Remington Group were looking for an exclusive 30-day window to secure a downtown arena deal. They wanted that exclusivity to negotiate with the National Capital Commission and the City of Ottawa to get a deal to build a new rink. While most believed there were serious about buying, they didn’t offer a guarantee that they would still purchase the team after those 30 days were over. That was a no-go for the Galatioto Sports Partners (GSP) and the NHL as it meant forcing other competing bids to hold.

And, because some of the other groups involved in this sale process are showing serious interest — among them the Neko Sparks Group which includes Snoop Dogg, and a bid by Toronto billionaires Jeffrey and Michael Kimel, which includes music star The Weeknd — the NHL wasn’t willing to lose potential buyers to appease one group. When that request was denied, Reynolds pulled out of the process ahead of the deadline to submit final nonbinding offers on May 15.

The Remington Group’s bid was believed to be well above market value for the team and more than $1 billion, according to sources.

Does This Rule Reynolds Out Completely?

While the actor was believed to be aligned exclusively with The Remington Group, there is still a chance he’s involved with another bid down the line. The NHL would like that as they were impressed by Reynolds and wanted him to be involved. That said, as of right now, Reynolds and Markham-based developer Christopher Bratty have decided to drop out.

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