GARRIOCH: Reynolds cashes out on Mint Mobile as Bettman says sale of the Senators is heating up

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Hold the phones, Ryan Reynolds may be positioning himself financially in his group’s bid to purchase the Ottawa Senators.

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Mint Mobile, a United States wireless firm that boasted the Vancouver-born actor as a part owner, confirmed Wednesday morning it sold to T-Mobile in a massive cash-and-stock deal that could be worth as much as $1.35 billion (all figures U.S.) when complete.

The 46-year-old Reynolds, who has made a pitch to buy the Senators along with the Markham-based Remington Group led by Christopher Bratty, held as much as a reported 25 per cent share in Mint Mobile which means he stands to cash in on this to tune of more than $100 million.

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The Hollywood Reporter reported “it’s not immediately clear how much Reynolds will personally see from the deal, though he is said to own between 20-to-25 per cent of Mint Mobile, implying a low nine-figure payday.”

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This news came as NHL commissioner Gary Bettman told TSN Wednesday the number of bids for the franchise is “robust” and as the process moves to phase two there could be an agreement in principle to sell the Senators “in a matter of weeks.”

Bettman made the comments as the NHL wrapped its general manager’s meetings in Palm Beach, Florida.

“I think it’s fair to say there is robust and meaningful interest in the Senators and the process will continue,” Bettman said. “The first round of bidding is in the books. I’m not prepared to share who or what, but I think everybody involved in the process feels good about the level of interest, both in terms of the number of bidders and the magnitude of interest.”

Reports have indicated New York-based banker Galatioto Sports Partners received as many as nine bids for the franchise at the deadline March 6th for bidders to make a non-binding pitch to purchase the Senators from the Melnyk family.

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Postmedia has been able to confirm five of the bidders, including the Remington Group which has brought Reynolds on board to be a partner. He, and his Los Angeles-based production company Maximum Effort, will play a key role in the partnership if they’re able to close on this deal.

There’s no question that selling the wireless firm will help Reynolds financially if his group’s bid on the Senators is successful. This newspaper has confirmed one of the groups involved in the first-round bidding came in at well over $900 million.

But as we’ve noted in this space the competition is stiff.

Postmedia has confirmed Toronto billionaire Michael Andlauer, who many consider to be the frontrunner in this process because he’s a part owner of the Montreal Canadiens, has entered a bid along with Rocco Tullio, who owns the OHL’s Oshawa Generals and has U.S. backers.

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Jeffrey and Michael Kimel, Toronto-based real estate magnates who used to have part ownership of the Pittsburgh Penguins, and a consortium led by Los Angeles-based producer Neko Sparks have also made formal offers.

The expectation is that as early as next month the NHL could have an agreement in principle with the new owner and then have the paperwork in place by July 1.

“This is a process that is best conducted the way these processes are which is among the parties directly involved,” Bettman said.

Asked if there was a timeline, Bettman said: “As we get to Phase 2 it’s a matter of weeks.”

Bettman said the next step will be to make a shortlist and try to get everybody involved to put their best foot forward to purchase the franchise. It’s fair to suggest there could be a bidding war and this will only raise the value of the Senators.

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It wouldn’t be surprising if the sale price reached $1 billion.

“You begin the process of winnowing down the number of interested parties,” Bettman said. “And while you’re reducing the number of parties, you’re hopefully increasing the magnitude of their interest for those that are remaining.

“There’s no magic there, it’s typical of what goes on in the sale of a franchise, but I’m gratified to see the amount of interest.”

Building a rink at LeBreton Flats isn’t a requirement for the new owner, but Bettman said he’d like to see the Senators move downtown if a deal to build a new rink can be completed with the National Capital Commission and the city of Ottawa.

The NCC is hoping to have a lease agreement finalized by the fall and Bettman has made it clear publicly he’d like to see the Senators downtown.

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“That will be up to the new owner as to how they want to proceed,” Bettman said. “But I do believe there will be a good opportunity for somebody who’s possibly interested in moving downtown to LeBreton Flats.

“Whether they want to do that or not there’s a lot that has to be done with the NCC and the city of Ottawa. But, ultimately whether or not a new owner wants to stay in the existing arena moved downtown is a decision they’ll get to make.”

bgarrioch@postmedia.com

Twitter.com/sungarrioch