The team was started by Ottawa real estate developer Bruce Firestone, the team is the second NHL franchise to use the Ottawa Senators name. The original Ottawa Senators, founded in 1883, had a rich history, winning 11 Stanley Cups and playing in the NHL from 1917 until 1934. On December 6, 1990, after a two-year public campaign by Firestone, the NHL awarded a new franchise, which began play in the 1992–93 season. The current team owner is Eugene Melnyk, and in 2011, the club was valued by "Forbes Magazine" at $201 million.