The board also approved the sale of Steve Stavro's share of the Toronto Maple Leafs to Bell Globemedia and unanimously re-elected Harley Hotchkiss of the Calgary Flames to another two-year term as chairman.
Approval from the board came a week after Melnyk reached agreement to buy the Corel Centre and four days after he completed a deal with the Ontario provincial government to restructure a $21 million loan the team has been paying to finance a highway interchange near the arena.
Melnyk cannot finalize the Corel Centre transaction - or his purchase of the team - for another three weeks. But approval from the league was considered the last major hurdle.
Former Titans kicker dies in car crash
UPI Sports Results for September 20, 2014