Why Ryan Reynolds, Snoop Dogg, Other Celebrities Want To Buy The Ottawa Senators

OTTAWA senators, Ontario – While some hockey fans may be startled to learn that various celebrities are competing for a minority ownership position in the NHL’s Ottawa Senators, sports business experts think the prospect can raise the team’s profile to new heights. It is also considered a secure place for celebrities to keep their money.

Vancouver-born actor Ryan Reynolds and rapper Snoop Dogg have expressed interest, while Toronto recording artist The Weeknd has also expressed interest.

According to Michael Naraine, associate professor of sport management at Brock University, the potential for film or music stars to acquire a professional sports team only sometimes.

“When it comes to professional sports, it’s a cartel-like system.” He told The Canadian Press, “There are only 32 teams and 32 seats.” “Teams like the Ottawa Senators, even though they’ve never won the Stanley Cup and aren’t doing so well on the ice, are still highly sought after.” That’s the kind of incentive behind celebrities’ desire to invest in sports.”

Following the death of owner Eugene Melnyk earlier that year, the board of directors of Senators Sports & Entertainment began selling the franchise in November. Melnyk passed on the business to his daughters, Anna and Olivia.

Reynolds has joined the Remington Group’s bid for more than $1 billion, and Snoop Dogg has joined the Neko Sparks-led bid for Los Angeles businessman. According to the Ottawa Sun, The Weeknd has agreed to partner in a proposal by Toronto billionaires Jeffrey and Michael Kimel.

Forbes recently valued the Senators at $800 million, ranking them 24th out of the NHL’s 30 franchises.

According to Moshe Lander, a sports economist at Concordia University, owning a sports franchise is a safe method for celebrities to invest, frequently with exponential returns. He pointed out that Melnyk paid $92 million for the Senators, who play in what Lander described as “a middling NHL market” two decades ago.

While some hockey fans may be startled to learn that various celebrities are competing for a minority ownership position in the NHL’s Ottawa Senators.

“It’s an otherwise forgettable cast.” It’s the definition of average. “Yet the franchise’s value has increased tenfold in the last 20 years,” Lander added. “When you bring celebrity into the story, celebrity can monetize that ownership stake beyond just an appreciation for the team’s value.”

Reynolds’ production firm, Maximum Effort, has shown interest in making a television series about the team, similar to its hit reality show, “Welcome to Wrexham,” about the Welsh football team the actor co-owns.

According to Lander, Reynolds’ bid “checks off all the boxes” for the NHL, as he brings expertise in “getting eyes onto a sport that goes beyond just watching the event itself.”

“He’s done it for that fifth-tier (British) football team that nobody outside of that market has heard of.” “All of a sudden, people are caught up in the real-life ‘Ted Lasso,'” the economist added, referring to the television show about an American who helps coach a struggling U.K. football team. “From the NHL’s standpoint, they’re going to say, all right, we bring on an owner who’s going to create content for us, who’s shown proof of concept in being able to create content in an area where people would otherwise not care, and somehow get them to care.”

Snoop Dogg, a longtime hockey fan, has stated that he plans to use his ownership position in the Senators to help expand the sport in the United States, particularly among Black youth.

May 15 is the deadline for interested parties to submit final non-binding offers.

SOURCE – (AP)