April 20, 2014
MONTREAL (AP) - Three Molson brothers have reached an agreement
in principle to buy the Gillett family's stake in the Montreal Canadiens.
The deal announced by both sides Saturday also covers the Bell Centre and Gillett Entertainment Group.
Gillett owned 80.1 percent of the team; the brewing company Molson Coors already owned the remaining 19.9 percent. The Molson family has been associated with the club for over three generations.
Geoffrey, Andrew and Justin Molson assembled a group of investors for the bid. Geoffrey Molson is on the team's board of directors, but he withdrew from its activities during the sale process.
Gillett bought the 80.1 percent stake of the team and its arena, the Bell Centre, in 2001.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.