Canadiens sale to go ahead as ownership group is finalized

The sale of the Montreal Canadiens to a group led by the Molson family is going ahead.

George Gillett

LAVAL, Que. — The sale of the Montreal Canadiens to a group led by the Molson family is going ahead.

Geoff Molson said Thursday only small details need to be ironed out and the deal should be completed in the next few weeks, subject to approval by the National Hockey League.

The structure of the ownership group was finalized when the Quebec government approved a $75-million loan it had offered to any Quebec-based individual or group that purchased the storied franchise from American owner George Gillett.

The ownership group includes Geoff Molson and his two brothers as well as Bell, the Woodbridge Company, the Quebec Labour Federation solidarity fund, Michael Andlauer and Luc Bertrand. Two-thirds of the partners are based in Quebec.

Molson said it was a private transaction and would not divulge what percentage of the team each group member holds.

As well as Gillett’s majority stake, the group will also buy the 19.9 per cent held by the Molson-Coors brewery, which will stay on as a sponsor.

Gillett, who has owned the team since 2001, agreed to sell the club in June. He was choked with emotion as he and Geoff Molson met with reporters at the team’s annual golf tournament at the Laval-Sur-Le-Lac club

”These things take time,” he said. ”There was never a moment in our discussions when either of us felt we weren’t going to accomplish the goal that the Molson family would be our successor as owner of the team.”

He also apologized to the fans for the team’s failure to win a Stanley Cup during his eight years as owner.

Molson said team president Pierre Boivin and general manager Bob Gainey would remain in their jobs.

It is the fourth time that members of the Molson family will own the team since the 1950s.

”It’s a fantastic opportunity to continue the tradition we’ve always had of being great fans and owners of the Montreal Canadiens and we can’t wait to embark on this opportunity,” he said.

National Bank Financial Group is in charge of debt financing and will form a banking syndicate with the Desjardins Group, and Scotiabank, along with the Quebec government body Investissement Quebec.

Just Posted

Parenting: Every woman will have a different pregnancy experience

Wife whose hormones are unbalanced can be unpleasant experience

Men posing as repo men attempt to steal vehicle in Red Deer County

Two men attempted to steal a utility vehicle from a Red Deer… Continue reading

Red Deerian spreads kindness with one card at a time

One Red Deerian wants to combat bullying by spreading kindness in the… Continue reading

Bowden baby in need of surgery

“Help for Alexis” Go Fund Me account

PHOTO: First Rider bus safety in Red Deer

Central Alberta students learned bus safety in the Notre Dame High School… Continue reading

WATCH: Annual Family Picnic at Central Spray and Play

Blue Grass Sod Farms Ltd. held the Annual Family Picnic at the… Continue reading

Woman has finger ripped off at West Edmonton Mall waterslide

SASKATOON — A Saskatchewan woman says she lost a finger after her… Continue reading

Uncertainty looms over Canada’s cannabis tourism, but ambitions are high

TORONTO — Longtime marijuana advocate Neev Tapiero is ready for the cannabis-driven… Continue reading

Feds mulling safeguards to prevent ‘surge’ of cheap steel imports into Canada

OTTAWA — The federal government extended an olive branch of sorts to… Continue reading

Ontario govt caps off summer session by passing bill to cut Toronto council size

TORONTO — The Ontario government passed a controversial bill to slash the… Continue reading

Updated:Italian bridge collapse sends cars plunging, killing 26

MILAN — A 51-year-old highway bridge in the Italian port city of… Continue reading

Saudi Arabia spat affecting Canadians embarking on hajj, community members say

TORONTO — Members of Canada’s Muslim community say recent tensions between Ottawa… Continue reading

Tug carrying up to 22,000 litres of fuel capsizes in Fraser River off Vancouver

VANCOUVER — The smell of diesel filled the air as crews worked… Continue reading

Nebraska executes first inmate using fentanyl

LINCOLN, Neb. — Nebraska carried out its first execution in more than… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month