Ryan Reynolds and Vaughan-based Remington Group preparing $1 billion bid for Ottawa Senators: report

The final price in the sale of the Ottawa Senators could reach ten figures.

Canadian actor Ryan Reynolds and the Vaughan-based real estate corporation Remington Group are said to be working on a bid worth over $1 billion (U.S.) for the acquisition of the Senators team and the Canadian Tire Centre, according to reports by the Ottawa Sun's Bruce Garrioch.

Reynolds and real estate investor Christopher Bratty teamed up earlier this year and entered the race to buy the Ottawa-based NHL franchise, which has been on the market for over a year.

The Vancouver-born Hollywood star is also part-owner of Wrexham AFC, the oldest soccer club in Wales, which just last week earned a promotion into the fourth tier of the English football league system after 15 years of mediocrity.

The Reynolds-Barry pair has reportedly been aggressive in their approach to outbid other offers, with May 15 being the deadline for submissions.

The Senators missed the NHL playoffs this year after finishing the regular season as an 11th seed in the Eastern Conference.

Since last March, the team has been managed by sisters Olivia and Anna Melnyk, who took over from their billionaire father Eugene Melnyk after he died of an undisclosed illness. He had bought the team in 2003 for $92 million.

Last November, sports business website Sportico.com estimated the Senators team value at $655 million - the least valuable of the seven Canadian franchises in NHL.

It was previously reported that the new owners have to commit to keeping the team in Ottawa and building a new state-of-the-art arena in the capital city.

Other potential bidders, according to Garrioch, include Michael Andlauer of the Hamilton Bulldogs and part owner of the Montreal Canadiens; Toronto billionaire Steve Apostolopoulos; Harlo Capital Group owners Jeffrey and Michael Kimel; and Sacramento Kings owner Vivek Ranadive, among others.

Gilbert Ngabo is a Toronto-based sports reporter for the Star. Follow him on Twitter: @dugilbo