Melnyk received court approval earlier this month to purchase the hockey team, conditional on also being able to acquire the 18,500-seat Corel Centre, the club's home arena.
NHL commissioner Gary Bettman announced the league's approval of the sale of the Senators, who had the league's best record last season, after the board's meeting in New York.
Melnyk is offering C$100million for the team and C$27.5m for the arena and wants to purchase them together.
The Senators lost to the New Jersey Devils in the Eastern Conference finals after finishing with 113 points.
Melnyk's proposed purchase of the Corel Centre was presented for court approval today in Ottawa where Ontario Superior Court Justice James Chadwick said he would rule on the sale in the next week, delaying a decision to consider objections by several smaller creditors.
Lawyers for secured creditors Canadian Imperial Bank of Commerce and FleetBoston Financial Corp. said they supported the sale.
"Time is of the essence" to close the sale, said Chris Besant, a lawyer who represents Capital Sports & Entertainment Inc., a Toronto-based company that lists Melnyk as president, according to Ontario's corporate registry.
If approved by the courts, Melnyk would complete his purchase of both the team and arena after a 30-day review period.
Former Senators owner Rod Bryden lost control of the team when it filed for creditor protection on January 9, and said he wouldn't bid again after an offer he made in February failed.
Bettman said the board also re-elected Calgary Flames Chairman Harley Hotchkiss to a fifth two-year term, and approved the purchase by Bell Globemedia Inc. of Steve Stavro's controlling interest in the Toronto Maple Leafs.
The National Hockey League's board of governors have unanimously approved the sale of the Ottawa Senators to Biovail Corp. chairman Eugene Melnyk.
