Report: Senators have lost $94 million under Melnyk
The Ottawa Senators have lost approximately $94 million since Eugene Melnyk took over as owner in 2003, according to a report in The Ottawa Citizen.
The Citizen's James Bagnall is reporting that Melnyk has suffered a variety of financial setbacks over the past decade, and that the Senators have averaged an annual loss of $9 million - $10 million in that time.
The team's finances have been in the spotlight recently in regards to the departure of Daniel Alfredsson, who claims he had a verbal agreement with the club for a robust contract extension for the 2013-14 season. When it was revealed that the team was not willing to move off its self-imposed $51-million salary cap, Alfredsson signed a one-year, $5.5-million deal with the Detroit Red Wings.
In July, the Senators entered into an agreement with Canadian Tire for the naming rights of the team's arena.