Toronto billionaire Michael Andlauer says nearly a year of work to buy the NHL's Ottawa Senators was worth the effort and a reported US$950 million sales price.

"It has been a long road, but I must tell you that it has been worth the journey," Andlauer said Friday, a day after NHL club owners approved his purchase.

Andlauer also thanked his family for supporting the dream through the 321-day process to make the purchase.

"Thank you to my kids for allowing me to spend your inheritance on pursuing my passion," Andlauer said.

The Senators have not reached the NHL playoffs since 2017 and have not reached the Stanley Cup Final since 2007, when they lost to Anaheim.

Andlauer purchased 90% of the club with the other 10% remaining with two daughters of the late Eugene Melnyk, the prior owner who died last year.

NHL commissioner Gary Bettman said Andlauer helps ensure the team will remain in the Canadian capitol, with hopes of building a new downtown arena for the Senators.

"I think everybody can be assured that the best days of this franchise are yet to come," he said.

Andlauer, who has been an owner of championship teams at the junior and minor-league levels and a part-owner of the Montreal Canadiens, recalled growing up in Montreal and playing hockey in the park across from his apartment.

"I'd put my skates on and tiptoe across the street, walk over to the outdoor rink and play until my mom turned the lights on and off in the window and I had to go back home," he said.

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