Eugene Melnyk will spend his money wisely.

The Senators owner told TSN 1200 Wednesday he’s lost $110 million since rescuing the club out of bankruptcy in 2003 and while he won’t spend to the salary cap he is willing to add a player at the deadline to help Ottawa go further.

“I’ve done it. We’ve done it. We’ve spent to the cap three straight years and you know what what did we get done? We spent money for nothing. We didn’t get into the playoffs one year and we got one round another year” said Melnyk.

“That’s not the way to win. You’re not going to do it. It’s a whole new ballgame. It’s all development coaching staying young and staying healthy. The big commodity we have is cap space. If we have an injury and we need to fill a void and that’s going to be the difference in going an extra round or deeper then I’m prepared to do it.”

Melnyk said the club has passed the 12000 mark in season ticket sales and will be sold out for the home opener against the Devils. He was pleased the club was able to get six of 12 points on the road despite some struggles.

“I thought (at times) it was complete chaos on the ice” he told CBC Radio during his tour around the airwaves. “I thought with the coaching staff they righted the things that were wrong and what you saw (in Phoenix) was continued progress with this team.

“They’re just getting their act together and I think they are just going to get better and better as the season goes on.”