Premier League - Gillett to sell Canadiens

Eurosport - Mon, 22 Jun 08:15:00 2009

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.

FOOTBALL Liverpool American businessman George Gillett angrily denies reports that he is considering selling his stake in Liverpool - 0

The deal to sell the NHL's most successful ever team is worth a reported US dollars 550 million (£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 per cent 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 per cent 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.

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 £42.6m last year, largely on interest repayments. The pair took out a loan of £350m when they bought the club in 2007.

PA Sport

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  1. thats quite a big sum of money. the problem is...its­ still not enough to pay for the loan they put on the­ club, to build the new stadium and new players.

    From AsianFootie, on Tue 23 Jun 2:46AM

  2. why cant we sell it to some people who have money to­ buy players and stop increasing debts even get are­ stadium built theyve brought problems to the club but­ im happy that they are just focusing on liverpool now­ instead of other things

    From olly, on Mon 22 Jun 11:58AM

  3. No matter what Gillett does with this money it is good­ news. I know what pauljudd is saying but no bank or­ Hicks will allow Gillett to use Liverpool fc for more­ lending as i doubt very much H&G will ever go into­ business together again, so why would Hicks let Gillett­ weaken hishand.
    At the end of the day if they get into­ more debt they will have to sell the club and if they­ sort out there money problems it will make liverpool­ stronger.
    The Torres news is rubbish because at the­ end of the day they need Liverpool to be challenging­ for trophys for financial reasons and cant afford them­ to not qualify for the champions league.
    Also lets not­ forget Benitez signed a contract recently knowing­ everything that is happening at the club and we have­ offered £17.5m for Johnson so we have money its just­ tied up in there american clubs at the moment.
    I­ predict a summy future for the club even with the­ Americans. YNWA

    From Daniel, on Mon 22 Jun 10:12AM
  4. Comment hidden due to its low rating. Show

    This is about the worst possible outcome for liverpool.­ It means­ H&G will use the club to raise further­ lending, instead of off loading Liverpool to wealthier­ investors. Unfortunately £330 million will not be used­ to pay off­ Liverpools debts as H&G are looking to­ invest in NFL probably the Green Bay Packers if the­ rumours are true, although the New York Giants are also­ there for picking off cheap as Liverpool were­. They­ are trying to raise funds wherever, they may well next­ sell Torres under his feet to Chelsea to­ raise funds,­ hey nothing personal, it's business.

    From Sid, on Mon 22 Jun 9:14AM

  5. a bit of good news for us hard working liverpool­ supporters, now lets have him put his hands in his­ pockets to support the club like we all do.

    From mark, on Mon 22 Jun 9:08AM
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