MOLSON FAMILY BUYS CANADIENS
Canwest News Service, July 20, 2009
MONTREAL - Montreal Canadiens owner George N. Gillett Jr. has reached an agreement in principle to sell the NHL's Montreal Canadiens and the Bell Centre to the Molson family.
The sale will be in the neighbourhood of $500-plus million, according to French-language all-sports television station RDS, and will also include the lucrative Gillett Entertainment Group.
Brothers Geoff, Andrew and Justin Molson announced earlier this month they had placed an offer for the club. Gillett bought an 80.1-per-cent stake in the team, worth $275 million, on Jan. 31, 2001 from Molson Breweries of Canada Ltd., the brewery keeping 19.9 per cent.
The brewery bought the club from the Bronfman family for $20 million in 1978. But the Molson family's involvement with the team dates back to 1957 when Senator Hartland de M. Molson and his brother, Thomas H.P. Molson bought the team.
Gillett put the team up for sale earlier this year to help
Timeline: Molson ownership history of the Canadiens
* Sept. 24, 1957: Senator Hartland de M. Molson and his brother, Thomas H.P. Molson, buy the Canadiens and the Canadian Arena Co. from Senator Donat Raymond and Canadian Arena Co. vice-president William Northey. Purchase price not disclosed.
* May 15, 1964: Senator Molson and Thomas Molson sell the Canadiens and the Canadian Arena Co. to their cousins, J. David, William A. and Peter B. Molson for approximately $5 million.
* Dec. 30, 1971: Brothers David, William and Peter Molson sell the Canadian Arena Co. and the Canadiens to Placements Rondelle Lt?e. for approximately $15 million. This syndicate, whose main shareholders are brothers Peter and Edward Bronfman, will later become Carena Bancorp.
* Aug. 4, 1978: Molson Breweries of Canada Ltd., under the terms of an agreement with Carena Bancorp, acquires the Canadiens and signs a long-term lease on the Forum covering the operation of the team as well as the entertainment division.
* June 22, 1993: Ground-breaking ceremonies are held for the Canadiens' new arena, the Molson Centre.
* March 16, 1996: The Canadiens play their first game in the Molson (later renamed Bell) Centre.
* Dec. 31, 2001: Molson Inc. announces the acquisition of 80.1 per cent of the Canadiens and 100 per cent of the Molson Centre by American businessman George N. Gillett Jr. The deal is valued at $275 million. Molson Inc. retains a 19.9 per cent stake in the hockey team. The transaction is approved by the NHL Board of Governors on June 19, 2001.
SOURCE: MONTREAL CANADIENS