Toronto billionaire Steve Apostolopoulos has withdrawn his bid to purchase the Ottawa Senators, a source confirmed to ESPN's John Keim on Friday.

Apostolopoulos, who was also in the running to purchase the NFL's Washington Commanders, had made a bid of at least $1 billion but pulled out after growing frustrated with the length of the process, the source said.

News of Apostolopoulos' withdrawal was first reported by the Ottawa Sun.