After more than three months of due diligence and league review, Michael Andlauer has at last completed his record-setting, $950 million acquisition of the Ottawa Senators.

After prior approval by the league’s executive committee, the Board of Governors also unanimously cleared the transaction, which represents the highest price ever paid for an NHL team, and deal is now officially closed. The approval process also follows a separate and protracted sales process lasting seven months.

Andlauer is scheduled to hold a formal press conference Friday at the team’s home arena, Canadian Tire Centre, to discuss the deal and his plans for the franchise.