2/27/2003
The Ottawa Senators are back on the open market. PricewaterhouseCoopers Incorporated, the court-mandated monitor of the Ottawa Senators Hockey Club Corporation, annouced today that an earlier sale agreement with Rod Bryden has been terminated.
PricewaterhouseCoopers also said that it will proceed to solicit offers for the purchase of the Senators. Bryden is once again free to make futher offers.
On February 10, PricewaterhouseCoopers consented to a conditional agreement for purchase of the Senators with Bryden. The agreement provided Bryden with a period of exclusivity and contained a number of specific milestone dates. As a result of various defaults and noncompliance with certain milestones, the agreement has been terminated.
The final deal, when it comes, will require approval of the Court. Prior to seeking Court approval of any sale, PricewaterhouseCoopers hopes to achieve consensus among the key stakeholders in support of the most favourable offer.
Bryden is expected to comment on these developments later on Thursday.
