Ryan Reynolds abandons bid for Ottawa Senators ownership after request for exclusive negotiating rights denied

Ryan Reynolds was part of a group looking to buy the NHL's Ottawa Senators following owner Eugene Melnyk's death.
Reynolds asked for 30 days of exclusive negotiating rights to complete the sale but was denied.
Reynolds then backed out of the bidding process, leaving other interested groups like one including rapper Snoop Dogg still vying for ownership.
The Senators are highly coveted despite struggles on the ice and not winning a Stanley Cup.
Owning a sports team is seen as a safe investment with huge potential returns for celebrities.