I still remember the first time I walked into the Canadian Tire Centre on a frigid January night. The energy was electric even though the team was struggling. That raw passion is exactly why, when I saw the new 2025 numbers, I wasn’t shocked that the Ottawa Senators just vaulted to a $1.44 billion valuation. In a league full of glamour markets, quiet Ottawa climbing 22% in a single year tells us something big is happening in hockey’s business side.
The Quiet Billion-Dollar Turnaround Nobody Saw Coming
Let’s be honest – most casual fans still think of the Senators as that plucky underdog from the early 2000s or the team that keeps teasing contention but never quite grabs the brass ring. Yet here we are in late 2025, and the franchise that changed hands for $950 million just two years ago has added almost half a billion in enterprise value. That’s not luck. That’s execution.
What makes this story fascinating isn’t just the headline number. It’s how a market the size of Ottawa – routinely dismissed as “small” by American analysts – is punching so far above its weight.
Michael Andlauer’s First Two Years: A Masterclass in Ownership
When Michael Andlauer completed the purchase in 2023, plenty of people raised eyebrows. Paying nearly a billion for a franchise without a Cup since 1927 felt rich to some. But Andlauer didn’t buy nostalgia. He bought infrastructure, market exclusivity, and untapped potential.
In my view, the smartest move wasn’t splashy free-agent signings (though those help). It was the immediate focus on corporate partnerships and premium inventory. Ottawa has always had deep-pocketed government and tech-sector money. Previous ownership never fully harvested it. Andlauer’s group attacked that segment like it was 2010 Toronto all over again.
“You don’t need 20 million people in your backyard when you have the federal government and embassy row looking for luxury boxes.”
– Anonymous NHL executive, speaking about Ottawa’s corporate upside
Result? Revenue climbed to $169 million this year. That’s not Maple Leafs money yet, but for a market of 1.3 million it’s stunning efficiency.
Breaking Down the 2025 Financial Snapshot
Here’s what the balance sheet actually shows right now:
- Enterprise value: $1.44 billion (30th in NHL but rising fastest among non-original-six Canadian teams)
- Year-over-year growth: 22% – third-best in the league behind only Seattle and Vegas
- Operating income (EBITDA): $5 million positive – a massive swing from previous red ink
- Debt-to-value ratio: 19% – one of the cleanest in the NHL
- Revenue multiple: roughly 8.5x – still cheaper than most big-market clubs
That debt number jumps out at me. Most new owners load up leverage to juice returns. Andlauer’s group kept borrowing modest, which means almost all of that 22% pop is pure equity appreciation. That’s the kind of ownership move that makes minority partners smile on the way to the bank.
Attendance Reality vs. Perception
One statistic gets thrown around a lot: average attendance dipped 2.9% to 17,306 last season. Critics love that number. But dig deeper and the story changes.
First, the Canadian Tire Centre is deliberately oversized at 18,580 for hockey. Filling 93% of seats in a non-playoff year is actually solid. Second, ticket revenue didn’t fall – it rose. How? Dynamic pricing and a complete overhaul of premium seating. The building might have a few more empty seats in the 300-level on Tuesday nights against Arizona (sorry, Utah), but the people who are showing up are spending dramatically more.
I’ve been in that arena recently. The club seats are packed with tech executives and government affairs types who never used to come. That’s the shift.
| Metric | 2023 (Old Ownership) | 2025 (Andlauer Era) | Change |
| Average Ticket Price | $82 | $112 | +37% |
| Premium Revenue | ~$28M | ~$49M | +75% |
| Corporate Sales Growth | Flat | +41% | — |
| Merchandise per cap | $14.20 | $19.80 | +39% |
The Canadian Market Premium Is Real Again
For years analysts claimed Canadian franchises were “overvalued” because of currency risk and smaller corporate bases. That narrative is dead in 2025.
Look at the top of the valuation list: Toronto, Montreal, Edmonton, Vancouver, and now Ottawa climbing fast. Five of the top twelve most valuable teams play in Canada despite the country having only 38 million people total. That’s not an accident.
Why? Passion plus scarcity. There are only seven Canadian NHL markets. When one comes available, the bidding becomes emotional. Andlauer himself admitted he paid a premium in 2023 because he knew he might never get another shot.
What the Future Likely Holds
If the current trajectory continues – and there’s every reason to think it will – Ottawa could crack the top 20 in valuations within three years. A new downtown arena proposal keeps floating around (nothing firm yet), but even without it, the building is paid for and the location off the 417 is actually perfect for corporate traffic.
Add in a young core that’s finally starting to look dangerous, and you have the recipe for sustained growth. Perhaps the most interesting aspect? The franchise still hasn’t won anything meaningful in the modern era. Imagine what happens if they actually make a deep playoff run.
Suddenly $2 billion doesn’t sound crazy.
“Ottawa is the sleeping giant of the NHL. People forget how much money actually lives within an hour of that arena.”
– Eastern Conference GM, off record
Bottom line: the Ottawa Senators at $1.44 billion isn’t a fluke. It’s what happens when competent, patient ownership meets one of the most undersold fanbases in professional sports. And if you’re an investor watching the NHL, this is the kind of franchise that should be on your radar – because the next 20% jump might come even faster than the last one.
Sometimes the best stories in sports aren’t about who wins the Cup. They’re about who figures out how to build something that lasts. Ottawa looks like they’re doing exactly that – one smart decision at a time.
