Snoop Dogg is a member of a group led by Neko Sparks that is attempting to buy the Senators, so Reynolds was not the only famous person considering a bid to own the team.
Another organization, led by the wealthy Toronto couple Jeffrey and Michael Kimel, also features Canadian musician The Weeknd.
Wrexham, a fifth-division club that secured promotion to the Football League last month, ending a 15-year absence,
is co-owned by Reynolds and actor Rob McElhenney. A Hulu documentary series that followed the team's season proved beneficial for the club's international recognition.
According to ESPN's Emily Kaplan, actor Ryan Reynolds's bid for the NHL's Senators will allegedly not go through after a successful first season as co-owner of the Welsh soccer team Wrexham A.F.C.
Reynolds was a member of a team headed by the developer Remington Group. According to reports, the 46-year-old asked for an exclusive window to discuss a potential acquisition but was
turned down, which led Reynolds to withdraw from the process. The submission deadline for official offers is May 15.
According to Kaplan, the Remington Group's offer was estimated to be over $1 billion.