Toronto billionaire Michael Andlauer agrees to purchase NHL's Ottawa Senators for $950M

Andlauer offered $950 million for 90% of the Ottawa Senators NHL team and operational control.
Andlauer must sell his 10% stake in the Montreal Canadiens before the purchase is complete.
The Melnyk family will retain 10% ownership of the Ottawa Senators.
The sale is pending approval from the NHL's Board of Governors.
Andlauer's bid included plans for a new downtown arena and keeping the team in Ottawa.