Ann 2Molson Family Buy Montreal Canadiens For $500 Million
June 21st 2009 17:24
It's finally over. After months of speculation, George Gillett finally sold the Montreal Canadiens along with the Bell Centre to the Molson family. As many as six groups were in the race to buy the storied franchise but it's the brothers Geoffrey, Andrew and Justin Molson who won the lottery. The Molson Coors company already owned 20% of the Canadiens' shares. By buying George Gillett's 80% share, the team is completely under Molson ownership even though the two entities – Molson Coors and Molson family – will stay separate.
The sale couldn't have come at a better time. With the NHL draft one week away, it was necessary to reslove all ownership questions to go on with hockey operations. It's also great news that the team has returned into the hands of their previous owners since it was from the Molson brewery that George Gillett had acquired the club seven years ago for CAD $275 million. Needless to say, Gillett made himself a nice chunk of change this week after selling the club.
Still, Gillett is not out of the woods yet. A big portion of that money will surely go towards reimbursing his debts, particularly those accumulated in the acquisition of the Liverpool FC, a football club in the English Premier League.
For the time being, the Canadiens are still under Gillett ownership. The sale process will be completed in a couple of months pending the NHL's approval.
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