Ducky
06-21-2009, 01:07 AM
Molson family to buy NHL Canadiens
[offsite:drlr9lym]MONTREAL (AFP) - American George Gillett has reached an agreement in principle to sell to sell the National Hockey League's storied Montreal Canadiens to the Molson family, according to both parties.
Gillett and Geoff Molson issued a joint statement saying they had agreed to terms on a deal, which would still require approval from the NHL board of governors.
Gillett, who owns 80.1 percent of the team, its Bell Centre arena and its event promotion company, said he was "pleased to return the ownership of the Canadiens to the Molson family, a family that has been associated with the club for over three generations and committed to the Montreal community for seven generations over a 223-year period."
Brothers Geoff, Andrew and Justin Molson, whose family made its fortune in the beer brewing business, said earlier this month that they had made an offer for the club.
No financial details of the agreement were given, but Canadian newspaper La Presse reported that the sale price was in excess of 500 million dollars. The newspaper did not specificy Canadian or US currency.
The Molson family have long been involved with the Canadiens, a club that celebrated it's centenary last season and has won a record 24 Stanley Cup titles.
Gillett bought his stake in the team in 2001 from Molson brewery for 275 million dollars, the firm keeping a 19.9 percent share.
Molson bought the club from the Bronfman family for 20 million dollars in 1978.
The Molson family was among several groups vying to buy the Canadiens, including Quebecor, the Solidarity Fund of the Quebec Federation of Labour, and others.
"I am fully confident that the Molson brothers, who have been a great part of the heritage of the club, will ensure the preservation and development of this great sports institution," said Gillett, who is also a co-owner with Tom Hicks of English Premiership club Liverpool.
"This is a very exciting time for our family," Geoff Molson said in the statement.
NHL commissioner Gary Bettman said ownership by the Molson family will be good for the team's fans.
"I think to the extent that they've been able to find people who are obviously passionate about the game and structure a transaction that makes sense for everybody, that's a real plus for the franchise and the fans in Montreal," he said.[/offsite:drlr9lym]
[offsite:drlr9lym]MONTREAL (AFP) - American George Gillett has reached an agreement in principle to sell to sell the National Hockey League's storied Montreal Canadiens to the Molson family, according to both parties.
Gillett and Geoff Molson issued a joint statement saying they had agreed to terms on a deal, which would still require approval from the NHL board of governors.
Gillett, who owns 80.1 percent of the team, its Bell Centre arena and its event promotion company, said he was "pleased to return the ownership of the Canadiens to the Molson family, a family that has been associated with the club for over three generations and committed to the Montreal community for seven generations over a 223-year period."
Brothers Geoff, Andrew and Justin Molson, whose family made its fortune in the beer brewing business, said earlier this month that they had made an offer for the club.
No financial details of the agreement were given, but Canadian newspaper La Presse reported that the sale price was in excess of 500 million dollars. The newspaper did not specificy Canadian or US currency.
The Molson family have long been involved with the Canadiens, a club that celebrated it's centenary last season and has won a record 24 Stanley Cup titles.
Gillett bought his stake in the team in 2001 from Molson brewery for 275 million dollars, the firm keeping a 19.9 percent share.
Molson bought the club from the Bronfman family for 20 million dollars in 1978.
The Molson family was among several groups vying to buy the Canadiens, including Quebecor, the Solidarity Fund of the Quebec Federation of Labour, and others.
"I am fully confident that the Molson brothers, who have been a great part of the heritage of the club, will ensure the preservation and development of this great sports institution," said Gillett, who is also a co-owner with Tom Hicks of English Premiership club Liverpool.
"This is a very exciting time for our family," Geoff Molson said in the statement.
NHL commissioner Gary Bettman said ownership by the Molson family will be good for the team's fans.
"I think to the extent that they've been able to find people who are obviously passionate about the game and structure a transaction that makes sense for everybody, that's a real plus for the franchise and the fans in Montreal," he said.[/offsite:drlr9lym]