BREAKING: The Ottawa Senators found new ownership

The NHL took its time in selecting the winning bid, as numerous bids dropped out and the league faced criticism for letting Snoop Dogg and Ryan Reynolds walk.

Eventually, the team's board of directors settled on an owner who made the most sense for them.

Today, the Board of Directors of Senators Entertainment announced that a group led by Toronto's Michael Andlauer will be buying the controlling interest of the Ottawa Senators franchise for reportedly around $1 billion.

The purchase will need approval from the NHL Board of Governors.

Andlauer, who currently owns a 10% stake in the Montreal Canadiens franchise and the Brantford Bulldogs, will divest from the Canadiens and commit to not relocating the Senators franchise.

His familiarity with the board will surely aid in the smooth transition of ownership as the Melynk family departs from the team.