Melnyk, chairman of Biovail Corp., reached an agreement to purchase all assets of Palladium Corporation, including the insolvent Ottawa Senators hockey team and the franchise's stadium Corel Centre.
Melnyk received court approval earlier this month to purchase the Senators conditional on also being able to acquire the 18,500-seater Corel Centre.
The Senators didn't disclose financial details of the sale.
The team lost to the New Jersey Devils in the Eastern Conference finals after finishing with the National Hockey League's best record during the regular season.
"This purchase reaffirms my commitment to keep the Ottawa Senators anchored in the nation's capital," said Melnyk, who is making the purchase through one of his companies, Capital Sports Properties Inc.
Melnyk's proposed purchase of the Corel Centre is likely to be presented for approval to the court in Ottawa within the next week. After a 30-day vesting period, Melnyk will complete his purchase of both the Senators and the Corel Centre.
The NHL's Board of Governors also has to approve Melnyk's purchase of the Senators.
Former Senators owner Rod Bryden lost control of the team when it filed for creditor protection January 9, and said he wouldn't bid again after an offer he made in February failed.
US billionaire Eugene Melnyk has agreed a deal to purchase all the assets of the parent holding company of the Ottawa Senators ice hockey team, including the NHL franchise.
