Topic: Montreal Canadiens are to be sold...

[LegendsLost]

http://sports.espn.go.com/nhl/news/story?id=4274642

Not sure if this goes here or any of the long term repercussions that go with it..

By Scott Burnside and Pierre LeBrun
ESPN.com

Hockey's most storied franchise has been sold, pending approval from the NHL.

Sources told ESPN.com Saturday that the Molson family has agreed in principle to purchase the Montreal Canadiens and Bell Centre from George Gillett.

The deal still needs approval from the NHL's Board of Governors. The league needs to do due diligence on the sale and have a board vote, and a source said Saturday sale approval "will be sometime mid-summer at the earliest."

French sports network RDS reported Saturday that the sale was worth $550 million, but a source told ESPN.com that the price was in excess of that.

[HarryLabrador]

I wonder how much equity our little man has in this. Well, interesting isn't it? It's happened sooner than expected. Your move Hicks? What next?

[Fanxxxxtastic]

The Montreal Canadiens have been sold to the Molson family, Montreal's La Presse reported Saturday on its website.

Citing an unnamed source, La Presse reported that the sale prices is well over $500 million.

Former Habs player and general manager Serge Savard will reportedly have an important role with the team, La Presse said, possibly as an investor.

A formal announcement is expected later Saturday.

http://www.cbc.ca/sports/hockey/story/2009/06/20/sp-hockey-canadiens-sale.html

[leeb]

The Montreal Canadiens are returning to familiar hands.

George Gillett has sold the storied hockey franchise to the Molson family, Montreal's La Presse newspaper reported Saturday on its website.

Citing an unnamed source, La Presse reported that Gillett has an agreement in principle with the Molsons, and the sale price is well over $500 million.

Former Habs player and general manager Serge Savard will reportedly have an important role with the team, La Presse said, possibly as an investor.

Molson bought the club from the Bronfman family for $20 million in 1978 and sold the team and its arena, the Bell Centre, to Gillett in 2001. The Molson Coors brewing company stayed on as a minority owner of the club, with a 19.9 per cent share, while Gillett owned 80.1 per cent before the sale reported Saturday.

Andrew, Geoffrey and Justin Molson announced that they had fielded an offer for the team and arena on June 11.

Geoffrey Molson is on the team's board of directors, but he has withdrawn from its activities during the sale process.

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.

The deal still needs approval from the NHL's board of governors, and a source reportedly told ESPN that the vote will happen mid-summer at the earliest.

A formal announcement is expected later Saturday.

www.cbc.ca

[peterb17]

anyone know whether its 550 canadian or u.s dollars? and if so what does it work out as

[wackyraces]

Well if its USD its worth 350 million....if CND 290 million

[LegendsLost]

Fairly certain it's in USD.  If they reported it in Canadian Dollars they would make mention of it.

[peterb17]

well gilette has had a result then because I heard they were expecting about $450 U.S.........wonder what Tom thinks about this.

and i can't decide if this is good or not as I want them both gone and it looks like GG can stay IF he wants to put capital into the club

[Liverbird 2010]

RBS must have told the pair of them they have to put some serious money in before they give them the re-fi, theres noway he would want to sell the Canadians he loved them.

Quote from: peterb17 on Today at 08:23:30 PM
wonder what Tom thinks about this.

and i can't decide if this is good or not as I want them both gone and it looks like GG can stay IF he wants to put capital into the club


Hicks has been sorting his bad loan out in America with BOA.

[GinuWhine]

George doubled his investment. He bought the team in 2001 for about $230M.

[shelovesyou]

Suddenly it appears Georgey boy has the upper hand on Hicks , Is that a good or bad thing I wonder .
They will deffo get refinance now tho.

[GinuWhine]

Suddenly it appears Georgey boy has the upper hand on Hicks , Is that a good or bad thing I wonder .
They will deffo get refinance now tho.

As bad as George has been with Liverpool, he's been a great owner with the Canadiens. I support them in hockey as much as I do Liverpool in football, and Gillette has never created one problem since he took charge in 2001. He stays out of the media, is very hands-off, and allows the general manager to make all the necessary moves to be successful. The salary-cap of ~ $50M has always been attainable for the Montreal Canadiens in a league where many teams struggle to be able to spend to the cap. In fact, there is a revenue sharing policy in the National Hockey League (NHL) and Montreal is one of the top 3 revenue generators in the league.

[KiNki]

of course they'll get the refinance.  They'll be in a strong position if they want to sell but if hicks gets money and is prepared to match gillett pound for pound they can finally get going with stadium plans.

[shelovesyou]

As bad as George has been with Liverpool, he's been a great owner with the Canadiens. I support them in hockey as much as I do Liverpool in football, and Gillette has never created one problem since he took charge in 2001. He stays out of the media, is very hands-off, and allows the general manager to make all the necessary moves to be successful. The salary-cap of ~ $50M has always been attainable for the Montreal Canadiens in a league where many teams struggle to be able to spend to the cap. In fact, there is a revenue sharing policy in the National Hockey League (NHL) and Montreal is one of the top 3 revenue generators in the league.

Hands off he maybe at Montreal but he was all to quick to criticise Rafa when he spoke to SoS back earlier this year . I dont share your enthusiasm Im afraid.

[rafathegaffa83]

As I said a few weeks ago in one of the other threads, I'm not surprised this has happened quite quickly and has seemingly been wrapped up before the NHL draft, which will be held in Montreal next week. Gillett definitely has the upper hand now. I would be shocked if Hicks accrued any investors for either the Stars or the Rangers this summer.

[GinuWhine]

I'm not enthusiastic by any means. I am stating, however, his reputation with Canadiens fans. You can view the ongoing Thank You thread of the fans to Gillette here:

http://hfboards.com/showthread.php?t=653022

Just to give both sides of the coin. Gillette isn't alone in our situation (Hicks) so any information is good information.

[B_I_F]

George doubled his investment. He bought the team in 2001 for about $230M.

I think he has made heavy investments in the team/facilities as well.

[Liverbird 2010]

Hands off he maybe at Montreal but he was all to quick to criticise Rafa when he spoke to SoS back earlier this year . I dont share your enthusiasm Im afraid.

Ginuwine is telling the truth the Canadian fans love him, he loves them aswell, I believe this is why Moores sold to him because of how good he was to the Canadian its only when Hicks came along things went pear shaped.

Nearly every fan of Hick's franchise's hate him.

[TSC]

I wonder how much equity our little man has in this. Well, interesting isn't it? It's happened sooner than expected. Your move Hicks? What next?

Issue with Hicks though according to comment is that he's setting unrealistic prices so hence why the interest hasn't been there to date.

[leeb]

Just a thought, would this give him the cash to buy out the texan one, and then sell LFC himself ?

[redrockydennis]

Just a thought, would this give him the cash to buy out the texan one, and then sell LFC himself ?

and thus cause moores to bugger off into the sunset?

[Danny_]

Well if he made around $250 million from the deal, that ought to be easily enough collateral to refinance with.  As for whether it's bad or good, Gillete was the one who initiated all the Klinsman bollocks.  He doesn't have a clue about football but while Hicks seems to know that he is clueless, Gillete continued to insist that getting Klinsman would have been a good move.  We're f#cked either way so I guess it doesn't really matter which one of the bellends wins. 

[El Denzel Pepito]

anyone know whether its 550 canadian or u.s dollars? and if so what does it work out as

£332.5million.

[TSC]

Well if he made around $250 million from the deal, that ought to be easily enough collateral to refinance with.  

I'm guessing though he'd be after a 50/50 split with Hicks in terms of what personal dosh they plough in to guarantee a refinance.  Given their chequered relationship he won't want to front up dosh for Hicks and himself.  So it may depend on what Hicks may raise.

[shelovesyou]

Isnt it a coincidence that within the last 48 hours Moores has stepped down from the board and now this !?!!

[lfcmaster]

Isnt it a coincidence that within the last 48 hours Moores has stepped down from the board and now this !?!!

i was thinking the same aswell

the next few days and weeks will be interesting

[TSC]

Isnt it a coincidence that within the last 48 hours Moores has stepped down from the board and now this !?!!

Can't see an obvious link though.  If Moores and Parry enjoyed any sort of relationship with the owners it was with Gillet, although that may well have wavered.  As a previous poster said I believe Moores just wants an easy life.  He'll be happy toddling along on the team bus to games without having to play the politics game.

[shelovesyou]

Can't see an obvious link though.  If Moores and Parry enjoyed any sort of relationship with the owners it was with Gillet, although that may well have wavered.  As a previous poster said I believe Moores just wants an easy life.  He'll be happy toddling along on the team bus to games without having to play the politics game.

The Montreal Canadiens are returning to familiar hands.

George Gillett has sold the storied hockey franchise to the Molson family, Montreal's La Presse newspaper reported Saturday on its website.

NHL commissioner Gary Bettman tentatively confirmed the deal when asked about it while in Las Vegas.

"That's what I heard, subject to board approval," Bettman said, adding he thinks the deal is a positive step forward for the franchise.

"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."

Citing an unnamed source, La Presse reported that Gillett has an agreement in principle with the Molsons, and the sale price is well over $500 million.

Former Habs player and general manager Serge Savard will reportedly have an important role with the team, La Presse said, possibly as an investor.

The Molson family owned the team from 1957-71, and Molson Breweries re-acquired the club for $20 million in 1978. The brewery then sold the team and its arena, the Bell Centre, to Gillett in 2001. Now known as Molson-Coors, the company stayed on as a minority owner of the club, with a 19.9 per cent share, while Gillett owned 80.1 per cent before the sale reported Saturday.

Andrew, Geoffrey and Justin Molson announced that they had fielded an offer for the team and arena on June 11.

Geoffrey Molson is on the team's board of directors, but he has withdrawn from its activities during the sale process.

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.

The deal still needs approval from the NHL's board of governors, and a source reportedly told ESPN that the vote will happen mid-summer at the earliest.

A formal announcement is expected later Saturday.

[TSC]

The Montreal Canadiens are returning to familiar hands.

George Gillett has sold the storied hockey franchise to the Molson family, Montreal's La Presse newspaper reported Saturday on its website.

NHL commissioner Gary Bettman tentatively confirmed the deal when asked about it while in Las Vegas.

"That's what I heard, subject to board approval," Bettman said, adding he thinks the deal is a positive step forward for the franchise.

"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."

Citing an unnamed source, La Presse reported that Gillett has an agreement in principle with the Molsons, and the sale price is well over $500 million.

Former Habs player and general manager Serge Savard will reportedly have an important role with the team, La Presse said, possibly as an investor.

The Molson family owned the team from 1957-71, and Molson Breweries re-acquired the club for $20 million in 1978. The brewery then sold the team and its arena, the Bell Centre, to Gillett in 2001. Now known as Molson-Coors, the company stayed on as a minority owner of the club, with a 19.9 per cent share, while Gillett owned 80.1 per cent before the sale reported Saturday.

Andrew, Geoffrey and Justin Molson announced that they had fielded an offer for the team and arena on June 11.

Geoffrey Molson is on the team's board of directors, but he has withdrawn from its activities during the sale process.

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.

The deal still needs approval from the NHL's board of governors, and a source reportedly told ESPN that the vote will happen mid-summer at the earliest.

A formal announcement is expected later Saturday.

Yep obviously I knew about all that as that is the story the thread's about, but why would that sale influence Moores to quit?

[shelovesyou]

Yep obviously I knew about all that as that is the story the thread's about, but why would that sale influence Moores to quit?

Im merely just pointing out that one of the montreal's board of directors seems to have stepped down also .

[TSC]

Im merely just pointing out that one of the montreal's board of directors seems to have stepped down also .

Yeah because he's buying them it appears, or his family is.  Nothing to compare it with the moores situation though.

[shelovesyou]

Yeah because he's buying them it appears, or his family is.  Nothing to compare it with the moores situation though.

Ah , my mistake , I dont know why I didnt realise that  , shows how preoccupied I am with Moores' latest development. Apologies.

[ttnbd]

MONTREAL – George N. Gillett Jr and Geoff Molson announced today that they have reached an agreement in principle for the sale of the Gillett family’s interests in the Montreal Canadiens Hockey Club, the Bell Centre and Gillett Entertainment Group. They will hold a news conference as soon as the agreement is finalized.

Mr. Gillett was very appreciative of the extraordinary interest shown by a number of parties in
the Montreal Canadiens, and acknowledged the fine work accomplished by the organization’s
management over the past eight years.

Congratulating and thanking Mr. Molson for the winning bid, Mr. Gillett said that 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.

“ 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 Mr. Gillett.

Geoff Molson said he was very happy with Mr. Gillett’s decision to accept his group’s proposal
and that he hoped the Board of Governors of the National Hockey League would look favourably on the transaction.

Mr. Molson said he is conscious that the Montreal Canadiens Hockey Club is a heritage asset
for the Montreal community and that with his brothers Andrew and Justin he would endeavour to maintain the tradition of the prestigious club while working with management to build a strong team on the ice and aim to bring back the Stanley Cup to Montreal.

“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,“ said Mr. Molson.

The price and other modalities of the agreement in principle were not disclosed. The next steps include finalizing the agreement and approval by the Board of Governors of the National Hockey League before the closing of the transaction which is expected in late August.


http://canadiens.nhl.com/team/app/?service=page&page=NewsPage&articleid=426157

[Wabaloolah]

anyone know whether its 550 canadian or u.s dollars? and if so what does it work out as

It's a pure guess but as the articles reference Canadian websites, I would have thought it would be Canadian dollars and would have stated US$ if it had been the latter but as I said it's just a guess.

Whichever way he still will have made around £300m+ on the sale.  However, I'm sure I read that he owes $100s millions in debt associated with his investment and even if he has sold for more than was expected, he won't be able (nor would I suspect would want to) put more than chicken feed into us.  You can bet both he and Hicks will be looking to put in the smallest amount they possibly can to secure refinance

The CBA tend to refer to prices in US dollars as $500m US as you can see from the link below (completely unrelated to the Canadiens)

http://www.cbc.ca/technology/story/2009/06/19/nortel-sale-wireless-0619.html

[Strawberry Fields]

You can bet both he and Hicks will be looking to put in the smallest amount they possibly can to secure refinance

For sure, but if it means that they'll have more money (and maybe more will) to invest in the transfer window or in the forsaken new stadium than it's all good, no?

[burtreynolds]

It is a measure of how fucked up and unpredictable these slippery bastards are that we cannot even differentiate between good news and bad news

[4pool]

They have on the ESPN bar at the bottom of the page the sale is for $550 mil USD. Subject to approval.

ESPN doesn't do Canadian down here..lol


Updated: June 20, 2009, 7:09 PM ET
Molsons reach deal on Habs, arena
By Scott Burnside and Pierre LeBrun
ESPN.com

Hockey's most storied franchise has been sold, pending approval from the NHL.

The Molson family has agreed in principle to purchase the Montreal Canadiens and Bell Centre from George Gillett.

"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," said Geoff Molson.


The deal needs approval from the NHL's Board of Governors. The league needs to do due diligence on the sale and have a board vote, and a source said Saturday that approval of the sale "will be sometime mid-summer at the earliest."

"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.

French sports network RDS reported Saturday that the sale was worth $550 million, but a source told ESPN.com that the price was in excess of that.

Gillett owned 80.1 percent of the team, its arena and its event promotion company.

Brothers Geoff, Andrew and Justin Molson, whose family first bought into the Canadiens in the 1950s, assembled a group of investors for the bid.

Gillett 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."

Gillett purchased his majority share in the team in 2001 for $275 million. The remaining 19.9 percent remains with the Molson Coors company. Geoff Molson is on the team's board of directors, but he withdrew from its activities during the sale process.

Commissioner Gary Bettman, who addressed the players during the NHLPA summer meetings in Las Vegas, acknowledged having heard about the Molson family's agreement to buy the Canadiens.

Asked about the Molson family, Bettman said: "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."

Scott Burnside and Pierre LeBrun cover the NHL for ESPN.com. Information from the Associated Press was used in this report.
http://sports.espn.go.com/nhl/news/story?id=4274642

[Endoe]

CAn only be good, can't it? Not that it matters much, but I see Gillete as the lesser of two evils.

[manifest]

Ginuwine is telling the truth the Canadian fans love him, he loves them aswell, I believe this is why Moores sold to him because of how good he was to the Canadian its only when Hicks came along things went pear shaped.

Nearly every fan of Hick's franchise's hate him.

exactly how I see it.

[mig]

Is it possible that this money goes into paying for the club's debt?