In what has become the most important single transaction in the history of professional hockey, the Molson family buys the Montreal Canadians back from American businessman George Gillett for a price hovering at around $500 million.
A deal in principle has been reached to sell the Montreal Canadiens to the Molson brewing family, which is about to take control of the illustrious franchise for the third time in its history.
Majority owner George N. Gillett confirmed in a statement issued by the team that he is relinquishing his 80.1 per cent share in the team.
“Our family has been very proud to be associated with the Montreal Canadiens over the past eight years and particularly to be a part of their centennial season. 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.
Despite initial suggestions he would keep a token stake in the club, unnamed sources indicate Gillett has decided to walk away altogether.
Following in their grandfather’s footsteps, Geoffrey, Justin and Andrew Molson – who are all in their late thirties and early forties – will be the new majority owners.
“This is a very exciting time for our family and we are grateful to the many people and organizations who came forward to offer their collaboration in the development of our proposal,” Geoffrey Molson, a current Habs board member, Molson Coors executive and leader of the family bid, said in a statement.
The details of the agreement were not divulged, but according to sources with knowledge of the deal, the final purchase price will be somewhere in the neighbourhood of $540 million U.S. It will be several weeks – and perhaps months – before the deal formally closes because of financing considerations and the due diligence required by the National Hockey League.
A deal in principle has been reached to sell the Montreal Canadiens to the Molson brewing family, which is about to take control of the illustrious franchise for the third time in its history.
Majority owner George N. Gillett confirmed in a statement issued by the team that he is relinquishing his 80.1 per cent share in the team.
“Our family has been very proud to be associated with the Montreal Canadiens over the past eight years and particularly to be a part of their centennial season. 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.
Despite initial suggestions he would keep a token stake in the club, unnamed sources indicate Gillett has decided to walk away altogether.
Following in their grandfather’s footsteps, Geoffrey, Justin and Andrew Molson – who are all in their late thirties and early forties – will be the new majority owners.
“This is a very exciting time for our family and we are grateful to the many people and organizations who came forward to offer their collaboration in the development of our proposal,” Geoffrey Molson, a current Habs board member, Molson Coors executive and leader of the family bid, said in a statement.
The details of the agreement were not divulged, but according to sources with knowledge of the deal, the final purchase price will be somewhere in the neighbourhood of $540 million U.S. It will be several weeks – and perhaps months – before the deal formally closes because of financing considerations and the due diligence required by the National Hockey League.
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