From NHL.com:
Ottawa Senators to file for bankruptcy protection
The cash-strapped Ottawa Senators reportedly will file for bankruptcy protection in the United States and Canada, a move that could be followed by a cash infusion from the National Hockey League.
The announcement could come "as early as the next 24 hours," according to TSN of Canada.
Citing an anonymous source, the Ottawa Sun reported Tuesday that the NHL is poised to announce a financing package that would help the Senators get through the summer.
Team spokesman Phil LeGault refused comment on both reports.
Tuesday's developments came a week after FleetBoston Financial Corporation and the Canadian Imperial Bank of Commerce backed out of a complex $234 million deal that would have erased much of the Senators' considerable tax debt.
The plan included $42 million to cover operating expenses, including players' salaries. The team missed a payroll payment Wednesday, with players receiving a note from owner Rod Bryden, saying they would be paid in the "next couple of days."
So far, Ottawa's financial woes have not filtered down to the ice. The Senators lead the NHL with 56 points and have just three losses in their last 28 games (20-3-4-1).
Ottawa Senators to file for bankruptcy protection
The cash-strapped Ottawa Senators reportedly will file for bankruptcy protection in the United States and Canada, a move that could be followed by a cash infusion from the National Hockey League.
The announcement could come "as early as the next 24 hours," according to TSN of Canada.
Citing an anonymous source, the Ottawa Sun reported Tuesday that the NHL is poised to announce a financing package that would help the Senators get through the summer.
Team spokesman Phil LeGault refused comment on both reports.
Tuesday's developments came a week after FleetBoston Financial Corporation and the Canadian Imperial Bank of Commerce backed out of a complex $234 million deal that would have erased much of the Senators' considerable tax debt.
The plan included $42 million to cover operating expenses, including players' salaries. The team missed a payroll payment Wednesday, with players receiving a note from owner Rod Bryden, saying they would be paid in the "next couple of days."
So far, Ottawa's financial woes have not filtered down to the ice. The Senators lead the NHL with 56 points and have just three losses in their last 28 games (20-3-4-1).
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