Ottawa, Ontario (My Sportsbook) - Ottawa Senators majority owner Rod Bryden and a co-investor have submitted a bid for the team and the Corel Centre, the club announced on Tuesday.

Bryden and his co-investor met Tuesday at the offices of the NHL in New York City to submit the bid and discuss its terms with league commissioner Gary Bettman and representatives of senior lenders and Covanta Energy Corporation, a bankrupt firm owed approximately $160 million by the Senators and $210 million for the Corel Centre, where the Senators play their home games.

The bid is under consideration by the parties and further discussion is expected over the next several days, according to the club.

"It's not a simple financial structure," Bryden said. "But I feel the bid is in the best interest of the present investors."

The Senators obtained bankruptcy protection last week to provide the organization a mechanism by which it will secure financing for operations, including timely payment of players and other expenses.

Bryden and more than 600 investors had a financing deal in place before New Year's Eve that would have pumped about $42 million into the team, but the deal fell through after not being finalized on December 31.

Ottawa, which missed paying player salaries two weeks ago, has an annual payroll of $47.8 million, which ranks 25th among the 30 NHL clubs.

Despite the financial problems, the Senators are still atop the Northeast Division entering Thursday's play with 60 points (27-10-5-1). That point total leads the Eastern Conference and is the second-best total in the NHL behind only Dallas.

"I made the bid now to make sure the co-investors knew the true worth of the team," Bryden said. "I wanted to remove the uncertainty now rather than later."