The Ottawa Senators initiated the process for the sale of the franchise, the team announced Friday.
Senators chairman and governor Sheldon Plener said a condition of the sale is that the team must remain in Ottawa.
"This was a necessary and prudent step to connect with those deeply interested parties who can show us what their vision is for the future of the team," he said.
The organization retained Galatioto Sports Partners, a New York-based investment bank, as its financial advisor.
Reports surfaced Tuesday that the team would be heading to the open market.
The Senators are owned by Anna and Olivia Melnyk, who inherited the franchise from their father, Eugene, who died in March.
Ottawa's National Capital Commission signed a memorandum of understanding with the Senators and other investors in June for a new downtown arena at LeBreton Flats, but no official agreement has been made yet.
