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Friday May 8, 2003
The sale of the Senators to Toronto billionaire Eugene Melnyk was approved by the team's creditors on Friday.
A court-appointed monitor representing the creditors recommended that the sale of the team for $100 million be approved.
The sale is not expected to be finalized until the end of the Stanley Cup playoffs in June.
Melnyk will also have to work out a deal to purchase the Corel Centre, the team's arena.
The Senators face the New Jersey Devils in Game 1 of the Eastern Conference final Saturday.