Tom Hicks and George Gillett (R): Anfield's answer to
Statler and Waldorf
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 Premier League
club.
The deal to sell the NHL's most successful ever team is worth a
reported $550m (£330m). 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 $275m (£165 ) 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, 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
£42.6m ($70.5m) last year, largely on interest repayments. The pair
took out a loan of £350m ($580m) when they bought the club in
2007.
While Hicks and Gillett have been seeking other investors for
Liverpool, they have so far come back empty-handed, meaning funds
from a sale of the Canadiens could be needed to help cover upcoming
payments.
Hicks has also been seeking to sell off elements of his own
sporting empire - which includes Major League Baseball's Texas
Rangers and the NHL's Dallas Stars.
Hicks' situation is further complicated as the Hicks Sports
Group in April defaulted on a £325m loan ($525m) relating to the
Rangers and Stars.
The Canadiens, who are celebrating their centenary year, are the
oldest continually run professional ice hockey team in North
America. Their 24 Stanley Cup titles are the most in the NHL.
''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,'' Gillet said after confirming
the deal.
''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.''
The Molson family first bought the team in 1978, although their
involvement dates back to the 1950s.