The process has been initiated for the sale of Ottawa’s NHL Hockey franchise, the Senators, according to the team’s board of directors.

A statement released by the Senators Sports & Entertainment says the organisation has retained the services of Galatioto Sports Partners as its financial advisors as they look for buyers.

Commenting on the decision, Ottawa Senators chairman and governor, Sheldon Plener, said: “Galatioto Sports Partners has been retained a financial advisor and a process has been initiated for the sale of the Ottawa Senators Hockey Club.”

“This was a necessary and prudent step to connect with those deeply interested parties who can show us what their vision is for the future of the team.

“A condition of any sale will be that the team remains in Ittawa.

“The organisation will have no further comments on this process at this time,” he said.

Recently valued at US$655 million (AUD$1.01 billion) by Sportico, the publication has reported there is significant interest in acquiring the Senators.

The Ottawa Senators hits the market shortly following the announcement of the NHL’s sustainability tracking program to map member club’s carbon footprints.