Sources: Neko Sparks Group is still seeking funding
According to sources familiar with the bidding process and the purchase of the Ottawa Senators, the Neko Sparks Group is still seeking funds.
Just a month ago, iconic rapper Snoop Dogg teamed up with Los Angeles-based entrepreneur Neko Sparks to buy the Senators. They recently added Canadian musician The Weekend and Canadian comedian Russell Peters to their group. The group also includes former NHL players Grant Fuhr, James Neal, Georges Laraque and Trevor Daley.
More alarming details surface on Neko Sparks-led takeover bid #Sense. According to sources, in the past 24 hours, the « Sparks Finance Group » is still seeking funding.
« This is an urgent matter, » the Sparks Group wrote to potential investors.
— Frank Seravalli (@frank_seravalli) May 26, 2023
The Neko Sparks Group offer is represented by Goldman Sachs, the largest banking institution in the world. They are also backed by British businessmen David and Simon Reuben. It was reported that in the first round of bids, Sparks Ownship Group’s bid was for $925 million. Perhaps the reasoning behind soliciting more funding is that the ownership group placed a bid of over $1 billion.
It has also been reported that the Sparks Group is aggressively seeking partnerships from investors who are no longer affiliated with any competing offerings. It has been noted that the Sparks group is trying to add more Canadian investors to its portfolio. At the same time, they acknowledged having received international funding; they now specifically target Canadian investors.
The bidding process currently looks like this; the Sparks group is one of four finalists to buy the Senators, alongside former Hamilton Bulldogs owner Michael Andlauer, Canadian billionaire Steve Apostolopoulus and the Kimel family, who are involved in construction and real estate . New York-based Galatioto Sports Partners is managing the sales process.
