Gillett agrees deal to sell Canadiens

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

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.