Steve Apostolopoulos Withdraws Ownership Bid

A bidder walking away is not the ownership news we were hoping for

Steve Apostolopoulos Withdraws Ownership Bid

Bruce Garrioch is reporting that Steve Apostolopoulos, who is believed to have put in the highest bid for the Senators, has withdrawn from the sale process. No official statements have been made (or likely will be made) about why, but sources Garrioch spoke with say that it is out of frustration with how long the process is taking.

Galatioto Sports Partners (GSP) may attempt to draw him back in, but if they are unable (or unwilling) to do so it leaves three bidders still in play - the Michael Andlauer bid, the Kimel bid, and the Neko Sparks group. Garrioch's article suggests that with Apostolopoulos withdrawing it will likely come down to Andlauer or the Kimels, with sources saying the Sparks bid is underfunded and a long shot to win.

Both the Andlauer and Kimel groups have NHL connections, with Andlauer currently being a minority owner in Montreal, and the Kimels being previous minority owners in Pittsburgh.

Today marks the end of the fourth business week since the final bids were due.

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