Reynolds, perhaps best known as the star of the hit comic book movie "Deadpool," already owns Wrexham AFC, a soccer club in Wales. He bought the club with actor and producer Rob McElhenney in February 2021.
He told Fallon that he would need a consortium to buy the team, explaining that a consortium is a group of investors.
"I need to find a partner with really deep pockets," he said. “I need a sugar mommy or a sugar daddy."
Reynolds said storytelling is an important part of sports because sport is driven by emotion, and since he knows storytelling it could help with building a sports team. Being the owner of Wrexham has already consumed half of his life, he said, "and the other half might be consumed by something like this," referring to buying the Ottawa Senators.
Although he is from Vancouver, Reynolds said he spent a lot of his childhood in the Vanier neighbourhood of Ottawa.
“Children are eased out of the womb with ice skates,” he said jokingly to Fallon when talking about the importance of hockey to Canadian culture. “NHL-ready by the time they are 4."
The Senators are one of the seven NHL teams that play out of Canadian cities. The team was reinstated in 1992 after being gone for 58 years. The original team won 11 Stanley Cup championships from 1903 to 1934, but the cup has eluded the team since 1992.