Liverpool owner George Gillett has agreed to sell the
NHL's Montreal Canadiens to
the Molson family in a deal that could help lift the financial
cloud over the Barclays Premier League club.
The deal to sell the NHL's most successful ever team is worth a
reported US dollars 550 million (£330 million).
Gillett put the Canadiens up for sale earlier this year as he
scrambles to find funds to meet obligations on debt incurred as
part of his takeover of Liverpool in partnership with Tom
Hicks.
The sale includes Gillett's 80% stake in the team, the Bell
Centre arena, and the Gillett Entertainment Group. Brewing moguls
the Molsons, who sold the controlling interest in the team to
Gillett for around USD275 million (£165 million) in 2001, already
own the remaining 20% share.
"This is a very exciting time for our family and we are grateful
to the many people and organisations who came forward to offer
their collaboration in the development of our proposal," Geoff
Molson said in a statement.
The sale must first be approved by the NHL's Board of Governors,
and will likely not be completed for several more weeks.
The NHL's approval of the sale would, however, seemingly be only
a matter of course.
NHL commissioner Gary Bettman responded positively to the news
of the deal today, saying: "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."
News of the deal comes a little over two weeks after Liverpool's
accountants warned of "significant doubt" over the club's parent
company's ability to continue as a going concern with debt
repayments due on July 24.
The company formed by Gillett and Hicks suffered a loss of £42.6
million (USD70.5 million) last year, largely on interest
repayments. The pair took out a loan of £350 million (USD580
million) when they bought the club in 2007.