It has been reported by TSN that the Ottawa Senators will be filling for Bankruptcy prtection, which basically means they will be given 30 days to come up with a long term business plan to keep the team viable. However at any time within that 30 day window a portion of the team can be bought if a judge deems that a sale is good for the creditors and the company (team in this case). It is however important to understand that filing for bankruptcy does not negate contracts which are currently enforced with the union (such as the NHLPA). Also it is only the Senators filing, not the Corel Centre (at this point at least) therefore there are more options to move the team to say Portland (a rumored destination).
It is too bad to see them possibly going under, I always enjoyed their rivalry with the Leafs (being a Leaf fan) and I hate to see another Canadian team go under.