Founded and established by Ottawa real estate developer Bruce Firestone, the Ottawa Senators professional ice hockey team is the second National Hockey League (NHL) franchise to have the Ottawa Senators name. The original Ottawa Senators, founded in 1883, had a famed history, winning 11 Stanley Cups and was a founding member of the NHL from 1917 until 1934. On December 6, 1990, after a two-year public campaign by Firestone to return the NHL to Ottawa, the NHL awarded a new franchise for an expansion fee of US$50 million. The team began play in the 1992–93 season.
On the ice, the club finished last in the league in its first four seasons. Changes in hockey management led to a steady improvement of the team's play, resulting in the team finally qualifying for the Stanley Cup playoffs in 1997. The team has since qualified for the playoffs in 16 seasons, most recently in 2017. Since 2017, the team has struggled to be successful on the ice and has not qualified for the playoffs. The team won the Presidents' Trophy in 2002–03, has played in three Eastern Conference finals, and made it to the Stanley Cup Finals in 2007.
The team has had three changes of ownership. The team changed hands from Firestone's Terrace Investments to Canadian businessman Rod Bryden in 1993 due to the arena development process and difficulties in financing. It was subsequently sold to Canadian pharmaceuticals businessman Eugene Melnyk after the team filed for bankruptcy in 2003. Melnyk died in 2022, eventually leading to the sale of the franchise by his estate to Canadian businessman Michael Andlauer for US$950 million in September 2023. Melnyk's daughters retained 10%.