Toronto billionaire Steve Apostolopoulos has withdrawn his bid to purchase the Ottawa Senators, a source confirmed to ESPN's John Keim on Friday.
Apostolopoulos, who was also in the running to purchase the NFL's Washington Commanders, had made a bid of at least $1 billion but pulled out after growing frustrated with the length of the process, the source said.
News of Apostolopoulos' withdrawal was first reported by the Ottawa Sun.
Apostolopoulos is the second prospective buyer to rescind an offer for the Senators. Real-estate developer Remington Group, which included actor Ryan Reynolds in its consortium, retracted its offer in May.
Apostolopoulos' departure now leaves three prospective owners to take over the club.
Toronto investor Michael Andlauer, billionaires Jeffrey and Michael Kimel of the Toronto-based Harlo Capital and Los Angeles businessman Neko Sparks remain in the running to own the Senators.
Andlauer and his group are believed to have the inside track while remaining "highly motivated" to see out the process, sources confirmed to ESPN.
Sportico reported in March that the Senators sale could surpass $900 million, which would set an NHL record. If the Senators were to be purchased for more than $900 million, it would overtake the Pittsburgh Penguins' $900 million sale to Fenway Sports Group in 2021 as the richest transaction in league history.