Ottawa Senators: 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 $71.8 million be approved.

The sale is not expected to be finalized until the end of the Stanley Cup playoffs in June.

"We're very happy with the order we have today," said Christopher Besant, a lawyer representing Melnyk and Capital Sports and Entertainment Inc., the company that would run the NHL club.

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.

Ottawa filed for bankruptcy protection on Jan. 9 with a debt of more than $160 million.

The team's two largest creditors, the Canadian Imperial Bank of Commerce ($28.7 million) and Fleet National Bank of Boston ($14.4 million), will receive the majority of any cash settlements.

Under terms of the conditional sale, CIBC would receive $18.5 million while Fleet would get $9.2 million.

The NHL would receive the full amount it is owed ($10.8 million) while $5.7 million would be set aside to pay assumed liabilities, which includes salaries owed to players and former players. Former center Alexei Yashin is owed $2.36 million in deferred pay.

"Hopefully with restructuring the team's financial position will improve and it will be financially and hockey-wise successful," Justice James Chadwick said.