sawchuk1971
Registered User
- Jun 16, 2011
- 1,494
- 509
The Worst Sports Franchise Owner in North America Is in Ottawa
More of his unscrupulous business deals..
More of his unscrupulous business deals..
Melnyk may have “saved” Ottawa from bankruptcy in 2003, but from the start, much of his wealth was tied to his pharmaceutical company, Biovail, which had been plagued by issues for years. (A 1998 Forbes article described Melnyk as “a smooth, well-tailored entrepreneur with only a medical publishing background, who has made a number of announcements about his company’s pending drugs that have yet to prove true.”)
The same year Melnyk bought the Senators and their arena for $92 million, he also told investors—fraudulently, it was later ruled—that subpar Biovail profits were a result of a fatal truck accident in Illinois that had delayed shipments. Over the years Melnyk has relied on a daisy chain of loans to finance the Senators, the most recent being a $135 million line of refinanced credit announced in the summer of 2018.