By Brian Schultz
The Molson brewing family has reported bought the Montreal Canadiens for $500 million U.S.
George N. Gillett confirmed on Saturday to numerous media outlets that he is giving up his 80.1% share in the team.
It could be several weeks — or even months — before the deal formally goes through. Several reasons include the final say given by the NHL, and other financial considerations.
Gillett walks away with a hefty profit, as he originally bought the team for roughly $180 million in 2001. However, the Habs sale includes about $265 million in arena debt and other liabilities, meaning Gillett’s overall take will be in the area of $275 million.
Other reports speculate the final sale could even be higher than anticipated, with figures ranging in the $540 million U.S. range.
— With files from the Globe and Mail