Eugene Melnyk, the owner of the Ottawa Senators, has died aged 62.

The NHL team announced his passing due to "an illness he faced with determination and courage" on Monday.

Melnyk, who made his money as the founder of pharmaceutical company Biovail Corporation, purchased the Senators in 2003.

Under Melnyk, the Senators won their first Eastern Conference championship in 2006-07, losing 4-1 to the Anaheim Ducks in the Stanley Cup Finals.

"The National Hockey League mourns the passing of Ottawa Senators owner Eugene Melnyk," read a statement from NHL commissioner Gary Bettman.

"The words 'passion' and 'commitment' define the man who has owned the Ottawa Senators since 2003.

"Whether it was in the boardroom with his fellow governors, at the rink with his beloved Senators or in the community with his philanthropy, he cared deeply about the game, about his team and about bettering the lives of those in need, particularly underserved children, organ donation and, most recently, with his commitment to his parents' home country of Ukraine.

"While successful in business, it was our game and his Senators that he was most passionate about.

"Eugene was often outspoken, but he maintained an unwavering commitment to the game and his roots and he loved nothing more than donning a Senators sweater and cheering on his beloved team.

"On behalf of the entire National Hockey League, I extend my deepest sympathies to Eugene's daughters, Anna and Olivia, his extended family, and all those who benefited from his generosity."