Patrick Roy makes a stunning announcement

UPDATE: Andlauder himself has confirmed the news, making a statement on social media.

According to Ottawa Senators insider Bruce Garrioch, the Senators have been sold to Toronto based billionaire Michael Andlauer.

Andlauer reportedly beat out bids from Jeffrey and Michael Kimel of the Harlo Capital Group, Steve Apostolopoulos, who had a fully financed bid believed to be worth north of $1 billion U.S and Los Angeles-based producer Neko Sparks. 

It's believed that Andlauer's offer is $950 million.

More on Andlauer From Garrioch:

League sources told Postmedia Tuesday Toronto billionaire Michael Andlauer’s bid, which believed to be worth close to  $1 billion (all figures U.S.), has been moved to the front of the line by New York-based banker Galatioto Sports Partners (GSP) and the Melnyk estate.

Sources say Andlauer has reached an agreement in principle to purchase the Senators. That means his offer has been elevated to the next stage of due diligence and work will now ramp up with the National Hockey League to try to close the deal.

A part-owner of the Montreal Canadiens, Andlauer, 57, is a beer-league goalie who loves the game and wants to bring a Stanley Cup to Ottawa. He bought his 10-per-cent share in the Habs in 2009, when Geoff Molson bought that club from American businessman George Gillett.

Going into this process, Andlauer was viewed as the frontrunner because he sits on the NHL’s board of governors as an alternate for the Canadiens. He would have to sell his share in the Habs to become owner of the Senators, but there’s talk that a deal is close with André Desmarais of Montreal-based Power Corp.

- Bruce Garrioch

Interestingly enough, Melnyk reports that the team's current owners Anna and Olivia Melnyk will retain 10% ownership of the team.

Even more interestingly, the Andlauer group has a connection with former NHL goaltender turned head coach and executive Patrick Roy. 

Could Roy become the Sens' next head coach?

This just in, Roy has officially resigned as head coach and GM of the QMJHL's Quebec Remparts just days after winning the Memorial Cup:

This isn't gonna do much to dispel the rumors...

While the the Senators and Andlauer have an agreement in principle, they will need sign off from NHL commissioner Gary Bettman who then present the sale to the NHL's board of governor's later this month on June 22nd. It's there that the deal can officially be approved and consummated, ushering in a new era for the Ottawa Senators and their dedicated fanbase. 

In the end the Senators get a stable ownership group... even if the group doesn't involve Ryan Reynolds or Snoop Dogg...

Stay tuned for official confirmation.