Melnyk who is chairman and CEO of Biovail Corporation, a pharmaceutical firm based in Mississauga, Ontario.
Melnyk's Capital Sports & Entertainment Inc. received the go-ahead from a bankruptcy court on May 9 to purchase the cash-strapped Senators. That approval was contingent on his ability to buy the 18,500-seat Corel Centre.
The team sought bankruptcy protection in Canada and the United States after missing a payroll just before New Year's Day.
The Senators reached the Eastern Conference finals this past season for the first time in team history and extended the eventual Stanley Cup champion New Jersey Devils to a seventh game.