Toronto billionaire Michael Andlauer is set to become the new owner of the Ottawa Senators, reports Postmedia's Bruce Garrioch.

The agreement in principle, which is reportedly worth $950 million, is pending approval from commissioner Gary Bettman and the NHL's executive board.

Andlauer is a minority shareholder of the Montreal Canadiens and a member of the NHL's board of governors. However, he'll have to sell his stake in the Habs for the deal to go through.

The long-winding sale of the Senators was reportedly down to Andlauer and Jeffrey and Michael Kimel of Harlo Capital, a group that also included Canadian singer The Weeknd as of last week.

Four groups made bids by the May 15 deadline.

The NHL was pleased with Andlauer's long-term vision for the franchise, and he supports the idea of a new downtown arena, sources told Garrioch. The Senators signed a memorandum of understanding with the National Capital Commission (NCC) for a new rink at LeBreton Flats last year.

The Senators went up for sale in November. The only stipulation in the deal was to keep the club in Ottawa. Anna and Olivia Melnyk, daughters of late Senators owner Eugene, are expected to keep a 10% stake in the team.

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