Molson family reaches deal to purchase Canadiens | NHL.com Molson family reaches deal to purchase Canadiens Canadiens owners through the years December 4, 1909 During a meeting of the National Hockey Association (NHA), held in Room 129 of the Windsor Hotel, the Canadiens are founded by J. Ambrose O'Brien, a sportsman from Ottawa, with financial support from another magnate of the time, T.C. Hare. The latter providing the $1,000 required for the formation of a team as well as the $5,000 to guarantee the players' salaries. Mr. O'Brien delegates the task of forming and managing this new, largely francophone team, to Jack Laviolette . November 12, 1910 The NHA grants the Canadiens franchise to George Kendall-Kenndy and the club officially becomes Club Athlétique Canadien, a name it retains until 1917. November 3, 1921 Upon the death of her husband, Mrs. Kennedy sells Club de Hockey Canadien to Léo Dandurand, Jos. Cattarinich and Louis A.

Létourneau for the sum of $11,500. September 17, 1935 Jos. Cattarinich and Léo Dandurand, sole owners of the Canadiens since the departure of Louis A. Létourneau in 1931, sell the club to the Canadian Arena Company for $165,000. The latter, property of Senator Donat Raymond, already owns the Montreal Maroons. A syndicate is appointed composed of Ernest Savard, president, as well as Maurice Forget and Louis Gélinas as principle directors to manage the Canadiens. May 1940 The Canadian Arena Company and its president, Senator Donat Raymond, as well as its vice-president, William Northey, take over the management of the Montreal Canadiens . Two years earlier, the Maroons had ceased operations. September 24, 1957 Senator Hartland de M. Molson and his brother, Thomas H.P. Molson, purchase Club de Hockey Canadien and the Canadian Arena Company. May 15, 1964 Senator Hartland de M. Molson and his brother Thomas H.P.

Molson sell Club de Hockey Canadien and the Canadian Arena Company to their cousins, J. David, William A. and Peter B. Molson for approximately $5 million. December 30, 1971 Brothers J. David, William A. and Peter B. Molson sell the Canadian Arena Company and Club de Hockey Canadien to Placements Rondelle Ltée for approximately $15million. The consortium, whose main shareholders are brothers Peter and Edward Bronfman, will later become Carena Bancorp. August 4, 1978 Molson Breweries of Canada Ltd., under the terms of an agreement with Carena Bancorp, acquire Club de Hockey Canadien and sign a long-term lease on the Forum covering the operation of the team as well as the entertainment division. January 31, 2001 Molson Inc. announces the acquistion of 80,1% of the Club de hockey Canadien and 100% of the Molson Centre to businessman George N. Gillett Jr. The deal is valued at $275 million. Molson Inc. retains 19,9% stake in the hockey team.

The transaction is approved by the NHL board of Governors on June 19, 2001. Source: ourhistory.canadiens.com MONTREAL – George N. Gillett Jr and Geoff Molson announced today that they have reached an agreement in principle for the sale of the Gillett family's interests in the Montreal Canadiens Hockey Club, the Bell Centre and Gillett Entertainment Group. They will hold a news conference as soon as the agreement is finalized. Mr. Gillett was very appreciative of the extraordinary interest shown by a number of parties in the Montreal Canadiens , and acknowledged the fine work accomplished by the organization's management over the past eight years. Congratulating and thanking Mr. Molson for the winning bid, Mr. Gillett said that he was pleased to return the ownership of the Canadiens to the Molson family, a family that has been associated with the Club for over three generations and committed to the Montreal community for seven generations over a 223 year period. "Our family has been very proud to be associated with the Montreal Canadiens over the past eight years and particularly to be a part of their Centennial Season.

I am fully confident that the Molson brothers, who have been a great part of the heritage of the Club, will ensure the preservation and development of this great sports institution," said Mr. Gillett. Geoff Molson said he was very happy with Mr. Gillett's decision to accept his group's proposal and that he hoped the Board of Governors of the National Hockey League would look favourably on the transaction. Mr. Molson said he is conscious that the Montreal Canadiens Hockey Club is a heritage asset for the Montreal community and that with his brothers Andrew and Justin he would endeavour to maintain the tradition of the prestigious club while working with management to build a strong team on the ice and aim to bring back the Stanley Cup to Montreal. "This is a very exciting time for our family and we are grateful to the many people and organizations who came forward to offer their collaboration in the development of our proposal," said Mr. Molson. The price and other modalities of the agreement in principle were not disclosed. The next steps include finalizing the agreement and approval by the Board of Governors of the National Hockey League before the closing of the transaction which is expected in late August.

"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," NHL commissioner Gary Bettman said in Las Vegas. Material from wire services was used in this report. Gillett agrees to sell Canadiens to Molson family - Hockey - CBC Gillett agrees to sell Canadiens to Molson family Approval by NHL's board of governors needed to finalize deal Posted: Jun 20, 2009 2:37 PM ET Last Updated: Jun 20, 2009 9:53 PM ET Related Stories Montreal Canadiens owner George Gillett has sold the team, the Canadiens said Saturday. ((Paul Chiasson/Canadian Press) ) The Montreal Canadiens are returning to familiar hands. George Gillett has reached an agreement in principle to sell the storied hockey franchise and the Bell Centre to the Molson family, the National Hockey League team announced Saturday. The NHL board of governors is to meet Wednesday in Montreal but is not likely to be ready to approve the sale on such short notice.

A news conference will be held when the deal is finalized following approval by the league's board of governors. The vote is expected in late August. In a statement released by the Canadiens, Gillett said he was pleased to return the ownership of the Canadiens to the Molson family, which has been associated with the team for more than three generations. <img src="/includes/promos/promo/sports/images/hockey-molson-brothers_200.jpg" width="200" height="100" border= "0"> [/CUSTOM] Molsons make comeback The Molson family, specifically brothers Geoff, Andrew and Justin, is back in the game of majority ownership of an NHL team. George Gillett has reached an agreement in principle to sell the storied hockey franchise and the Bell Centre to the Molsons, pending approval by the league's board of governors. Geoff Molson, above right, is a director of the Molson Coors Brewing Company, which owns 19.9 per cent of the Canadiens and is the brewery's representative on the team's board of directors. A former player at St.

Lawrence University in Canton, N.Y., he learned the brewery business from the ground up after working for Coca-Cola and a New York-based consulting firm. Andrew, above left, is the vice-chairman of Molson Coors. The Molson family's first foray in the NHL came in 1957 with the purchase of the Canadiens by Senator Hartland Molson and his brother, Thomas, from Senator Donat Raymond. Seven years later, they sold the club to cousins David, Peter and Bill Molson, who were in charge until 1971. Molson Breweries purchased the Canadiens in 1978 for $20 million from a company controlled by Peter and Edward Bronfman. It owned 100 per cent until Gillett bought a controlling interest in 2001. Included in the latest tentative sale is 80.1 per cent of the Canadiens and 100 per cent of the Bell Centre and Gillett Entertainment Group. "Our family has been very proud to be associated with the Montreal Canadiens over the past eight years and particularly to be a part of their centennial season," Gillett said.

"I am fully confident that the Molson brothers … will ensure the preservation and development of this great sports institution." NHL commissioner Gary Bettman tentatively confirmed the deal when asked about it while in Las Vegas. Bettman likes deal "That's what I heard, subject to board approval," Bettman said, adding he thinks the deal is a positive step forward for the franchise. "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." Geoff Molson said he, along with his brothers Andrew and Justin, would endeavour to maintain the tradition of the Canadiens while working with general manager Bob Gainey to ice the strongest team possible. "This is a very exciting time for our family and we are grateful to the many people and organizations who came forward to offer their collaboration in the development of our proposal," said Molson.

Citing an unidentified source, La Presse in Montreal reported the sale price is well over $500 million, which would include Gillett's 80.1-per cent interest in the team and 100 per cent stake in the Bell Centre and event promotion company Gillett Entertainment Group. Gillett paid $275 million for that package on Jan. 31, 2001 and has built it into one of the NHL's most profitable clubs. He is also co-owner of soccer giant Liverpool FC with Dallas Stars owner Tom Hicks. Former Habs player and general manager Serge Savard will reportedly have an important role with the team, the newspaper stated, possibly as an investor. The Molson family owned the team from 1957-71 and Molson Breweries re-acquired the club for $20 million in 1978. The brewery then sold the team and its arena to Gillett in 2001. Now known as Molson-Coors, the company stayed on as a minority owner of the club, with a 19.9 per cent share, while Gillett owned 80.1 per cent before the sale reported Saturday.

Brothers Molson took offer in early June The Molson brothers announced they had fielded an offer for the team and arena on June 11. Geoff Molson is on the team's board of directors, but he withdrew from its activities during the sale process. The Molson family was among several groups vying to buy the Canadiens, including Quebecor Media, the Solidarity Fund of the Quebec Federation of Labour. Another who reportedly expressed interest was Seagram heir Stephen Bronfman, as well as at least one bid from the United States. "I know we had two or three very prominent and impressive groups that were bidding for the team," Paul Kelly, head of the NHL Players' Association, said in Las Vegas. "I know that the purchase price got up there in numbers that are well above all of our pay grades. That's a great franchise and a great city." Kelly added, "Mr. Gillett was really a fine owner. "We will miss him in the National Hockey League. I thought he brought a lot of creativity and ingenuity and colour to the sport." Word the Canadiens were for sale surfaced last November from Research in Motion head Jim Balsillie, but that was vehemently denied at the time by Gillett.

In March, the team confirmed BMO Capital Markets had been asked to evaluate Gillett's assets, including the Canadiens, and look at ways to refinance or sell them. With files from The Canadian Press Oh Canadiens: Inside The Richest Deal In NHL History Oh Canadiens: Inside The Richest Deal In NHL History comments, called-out On the surface Geoffrey Molson’s acquisition of the Montreal Canadiens is a heartwarming tale. Together with his two brothers, Andrew and Justin, this seventh generation of the storied Molson brewing family reacquired a hockey team that their great-uncle and grandfather first bought in 1957. “This is a very exciting time for our family,” Molson said after agreeing to purchase the team last year. Exciting for the NHL, too. The $575 million Molson rounded up to pull off the leveraged buyout of the Canadiens–the purchase price included the Bell Center arena and a side entertainment promotion business–was the most ever paid to buy a hockey franchise. It made George Gillett Jr., the man on the other side of the deal, into one of the most profitable hockey investors ever. There’s another side to the story.

Half the funds used in the buyout were borrowed, and many of the obvious tactics used to bolster the team’s value were already used by the prior owner. It could be years before the deal makes financial sense. How can a hockey team be worth $575 million? NHL franchises are generally valued at between two or three times revenue, but the Canadiens sold in 2009 for closer to four times revenue. FORBES estimates the team is worth only $408 million. By comparison, a few months after Molson closed on the Canadiens, the Tampa Bay Lightning were sold for $93 million, $113 million less than the amount paid for them in 2008. “These were not just financial investors,” explains Drew Dorweiler, who runs Dartmouth Partners, a Montreal business valuation firm. “This deal was about purchasers looking for business synergies, strategic advantages, blocking their competitors and obtaining broadcast content.” Hard to remember, but a decade ago no one saw opportunity in the Canadiens. The team was inept on the ice and barely breaking even financially.

When the publicly traded Molson brewing company, in which the Molson family held a big chunk of shares, put the team up for sale, the only buyer to emerge was Gillett. A Colorado financier, Gillett has specialized in debt-fueled sports and recreation ventures ranging from skiing to English Premier League soccer and Nascar. Montreal fans were suspicious of this outsider in 2001. Had they realized part of Gillett’s attraction to the sacred hockey franchise was its usefulness as a tax shelter for the cash his other businesses were producing, there may have been a revolt. Gillett borrowed heavily, putting down $50 million or so in a $180 million transaction for 80.1% of the team and 100% of the arena. Funny thing, though. Gillett ended up falling in love with Montreal, and the town embraced him. He took advantage of the Molson brewing company’s neglect–it hadn’t even bothered to sell the arena’s naming rights–and grew operating profits to $40 million or so annually.

He put the team on a French-language cable network and built a concerts-and-events promotion business that kept the arena filled on most nights and now generates some $10 million a year of operating profits. Gillett made another key decision: He kept Pierre Boivin as the Canadiens’ president, figuring the manager appointed in 1999 would flourish after being unshackled from a major corporation. Boivin became one of the most respected hockey executives in the NHL. But by 2009 Gillett needed cash to deal with debts unrelated to the Canadiens. Selling the team helped, but one of Gillett’s companies still defaulted on a $70 million loan connected to his investment in the Liverpool Football Club. In the sale of the Canadiens to the Molsons, however, he made nearly seven times his original investment, pocketing some $340 million in dividends and realized gains. “The numbers don’t show the pride we had in owning this marvelous asset nor the heartbreak we suffered in selling it,” says Gillett, who still watches every Canadiens game from his home in Vail, Colo.

To make the $575 million deal happen the Molson family contributed $140 million for a controlling interest in the team and building, says a person familiar with the situation. But the Molson family needed help to outbid several interested buyers, like a group headed by Stephen Bronfman, who had hopes of using the Canadiens to build a regional sports television channel, and another led by Pierre Karl Péladeau, who runs communications company Quebecor and was searching for content for his broadcast and wireless offerings. One of the partners in Péladeau’s proposal was René Angélil, the husband and manager of Céline Dion. Sidebar: Molson allied with companies that desperately wanted to block Péladeau, such as Canadian telecom giant BCE , which invested an estimated $47 million, and the billionaire Thomson family, which invested some $19 million. Both were joint owners of the cable outfit that has the French-language rights to Canadiens broadcasts till 2014. BCE, which recently moved to fully take over that French-language cable company, also invested with an eye toward distributing Canadiens games and content on its wireless network.

Michael Andlauer joined in with an estimated $28 million, perhaps hoping to get more lucrative games at the Bell Center for the Canadiens’ minor league team that he owns. A Montreal labor-sponsored fund was good for another $38 million of equity and $9 million of debt, an investment made for patriotic reasons and making sure the team remained in Montreal for good. The Quebec provincial government and a Montreal-based bank syndicate lent Molson nearly $300 million. Molson, 40, had a good idea about the asset he was buying, since he was on the team’s board, representing Molson Coors Brewing , which still hung on to 19.9% of the team. The Molson family had bought and sold the Canadiens multiple times in the last 53 years, stretches that saw the team win 11 of its record 24 Stanley Cups. Molson had stayed on as a marketing vice president in 2005, when the brewing company that John Molson had founded merged with Coors, but the company is squarely run out of Colorado, and Molson appeared to be looking for something else to do.

In July 2011 Molson plans to take over as president of the hockey team, removing Boivin from a position in which he has excelled. Molson isn’t saying much about how he plans to make the deal a success. He refused to talk to FORBES and has remained nearly silent since buying the Canadiens. But his job will be made easier by fact that the buyout included the slice of the Canadiens owned by Molson Coors. The local market is fanatically loyal to the team, which has been regularly selling out its building in recent years. The new ownership group caught a break when the Canadiens surprisingly advanced deep into the playoffs months after the deal closed, boosting profits. The playoff run showcased the strength of the Canadiens brand, with one game attracting nearly 7 million viewers. The team is off to a good start this season, winning games and leading the league in attendance. The Canadiens’ cash flow appears steady, and FORBES estimates the team generated operating income of $53 million on $163 million of revenue in its last full season. Still, it’s unclear how Molson will boost those financials much further, since Gillett already exploited all the obvious inefficiencies.

In addition, Molson is unlikely to see the Canadian currency appreciate by another 50%, as it did in the Gillett years–a boon for the Canadiens, since the team collects revenue mostly in Canadian dollars and pays player salaries in U.S. dollars. Molson boosted ticket prices this year, but the team already has the second-highest ticket prices in hockey. Luckily the Molsons are a patient bunch, in business since 1786. That should help. Sidebar: Habs owners through the years | Historical Website of the Montreal Canadiens HABS OWNERS THROUGH THE YEARS Habs owners through the years Complete list December 4, 1909 During a meeting of the National Hockey Association (NHA), held in Room 129 of the Windsor Hotel, the Canadiens are founded by J. Ambrose O'Brien, a sportsman from Ottawa, with financial support from another magnate of the time, T.C. Hare. The latter providing the $1,000 required for the formation of a team as well as the $5,000 to guarantee the players' salaries. Mr. O'Brien delegates the task of forming and managing this new, largely francophone team, to Jack Laviolette .

November 12, 1910 The NHA grants the Canadiens franchise to George Kendall-Kenndy and the club officially becomes Club Athlétique Canadien, a name it retains until 1917. November 3, 1921 Upon the death of her husband, Mrs. Kennedy sells Club de Hockey Canadien to Léo Dandurand , Jos. Cattarinich and Louis A. Létourneau for the sum of $11,500. September 17, 1935 Jos. Cattarinich and Léo Dandurand , sole owners of the Canadiens since the departure of Louis A. Létourneau in 1931, sell the club to the Canadian Arena Company for $165,000. The latter, property of Senator Donat Raymond, already owns the Montreal Maroons. A syndicate is appointed composed of Ernest Savard , president, as well as Maurice Forget and Louis Gélinas as principle directors to manage the Canadiens.

May 1940 The Canadian Arena Company and its president, Senator Donat Raymond, as well as its vice-president, William Northey, take over the management of the Montreal Canadiens. Two years earlier, the Maroons had ceased operations. September 24, 1957 Senator Hartland de M. Molson and his brother, Thomas H.P. Molson, purchase Club de Hockey Canadien and the Canadian Arena Company. May 15, 1964 Senator Hartland de M. Molson and his brother Thomas H.P. Molson sell Club de Hockey Canadien and the Canadian Arena Company to their cousins, J. David, William A. and Peter B. Molson for approximately $5 million. December 30, 1971 Brothers J. David, William A. and Peter B. Molson sell the Canadian Arena Company and Club de Hockey Canadien to Placements Rondelle Ltée for approximately $15million. The consortium, whose main shareholders are brothers Peter and Edward Bronfman, will later become Carena Bancorp.

August 4, 1978 Molson Breweries of Canada Ltd., under the terms of an agreement with Carena Bancorp, acquire Club de Hockey Canadien and sign a long-term lease on the Forum covering the operation of the team as well as the entertainment division. January 31, 2001 Molson Inc. announces the acquistion of 80,1% of the Club de hockey Canadien and 100% of the Molson Centre to businessman George N. Gillett Jr. The deal is valued at $275 million. Molson Inc. retains 19,9% stake in the hockey team. The transaction is approved by the NHL board of Governors on June 19, 2001.

June 20, 2009 Montreal Canadiens Team - Montréal Canadiens - Team Geoff Molson Position: OWNER, PRESIDENT AND CEO, CLUB DE HOCKEY CANADIEN, BELL CENTRE AND EVENKO With the acquisition of the Club de hockey Canadien, the Bell Centre, evenko, and, since 2013, Spectra, the concerts and events department of the company, the Molson family revived a long-standing tradition that dates back to the 1950s, and covers three generations. In addition to Geoff, Andrew, Justin Molson and other members of the Molson family, other partners in the venture include BCE/Bell, the Woodbridge Company Limited, the QFL Solidarity Fund, The National Bank Financial Group, Michael Andlauer and Luc Bertrand. Now 44 years old, Geoff Molson was born and raised in Montreal and, like his brothers, has been a Canadiens fan going back to the days when the Molson Brewery owned the team. As a student Geoff Molson got his first summer job at Molson Breweries as a delivery man before taking on the position of sales and marketing representative.

In 1992, upon graduating with a Bachelor of Arts in Multifield Major combining Economics, French and Canadian Studies from St. Lawrence University, in Canton, NY, where he also played hockey with the Saints. From 1994 to 1996 Geoff attended Babson College, in Boston, where he earned an MBA before moving to Manhattan where he accepted the position of senior consultant at the strategy consultancy firm CSC Consulting (formerly The Kalchas Group). In 1992-93, he joined The Coca-Cola Company, in Atlanta, Georgia, as a Global Media Services Assistant. In this capacity he was responsible for the development of international marketing/media situation analysis for several world markets. He returned to the Molson Brewery in 1999 taking on his role of Chairman of the Board of Directors and Team owner of the Montreal Canadiens, Geoff was Vice-President of Marketing for Molson in Quebec, where he played a strategic role in the development of company brands and in strengthening partnerships with key stakeholders. He was also a member of the Board of Directors of Molson Coors Brewing and Res Publica.

On June 3rd 2015, Geoff Molson assumed the role of chairman of the board of Molson Coors Brewing Company. In Montreal, where Geoff lives with his wife Kate and their four children, community is a priority. In the city of the original Molson Brewery, the long-standing tradition of giving back is not forgotten. In addition to the Molson family foundation to support philanthropic initiatives across Canada, Geoff continues to serve on the board of the St. Mary’s Hospital Foundation. He also serves on the board of the Canadiens’ Children Foundation and the Molson Family Foundation as well as the Molson Coors Canada Donations Fund and the Molson Coors Foundation. Founded by John Molson in 1786, Molson is the oldest brewery in North America with 229 years of history. Geoff Molson, a seventh-generation successor, continues the legacy of his very great-grandfather Molson Owns Canadiens--Again! June 22, 2009 2:13 PM Molson Owns Canadiens--Again! Posted by Zach Lowe You want to get a sense of how big a deal the Montreal Canadiens are in their home city?

Head over to the Montreal Gazette 's front page and check out the sheer number of stories, timelines, comments, and photos the paper is devoting to the purchase of 80 percent of hockey's most storied franchise by three brothers of Canada's famous Molson family. The brothers, whose family and company have owned at least a piece of the team since the 1950s, purchased the majority stake from American businessman George Gillett for about $550 million, ending an Ã¼ber-competitive bidding process. As you would expect, a transaction of this magnitude involved just about every major Canadian law firm, according to several sources involved in the deal. Let's start with Gillett, who is making a decent profit after buying his 80 percent stake from what was then known as Molson Inc. in 2001 for $275 million, according to this Gazette timeline . A team from Stikeman Elliott led by partners Pierre Raymond and France Belanger advised Gillett, who is the co-owner of Liverpool FC in the English Premier League (that's soccer, folks) and took on considerable debt to pull off the purchase of that team in 2007, according to the Gazette and Bloomberg .

Raymond declined to comment, saying the deal has not been finalized. Richard Dolan, the managing partner of Lavery, de Billy in Montreal, advised the three Molson brothers who are getting the family involved with the team again. (Molson Coors Brewing Company, the massive worldwide brewer, owns the remaining 20 percent of the team.) Dolan did not return calls seeking comment. The deal is a blow to a rival bidding consortium led by Quebecor Media chief executive Pierre Peladeau, the Gazette says. That team was considered to be the leader until the Molsons got involved late in the process. Ogilvy Renault advised Peladeau, a longtime client, on the failed bid, according to several lawyers involved in the deal. Marc LacourciÃ¨re, who has represented Quebecor and Peladeau in several transactions, declined to comment when we reached him earlier today. A team from McCarthy TÃ©trault advised Molson Coors as the transaction unfolded. The company's 20 percent stake may still be in play, according to three lawyers involved with the deal. Lorna Telfer, the lead McCarthy partner on the matter, declined to comment on any future talks regarding the company stake.

Solidarity Fund QFL, a $6.2 billion (that's Canadian dollars) investment fund controlled by Quebec's largest labor union, is also part of the Molson bidding group, according to Bloomberg. The Quebec government has offered to provide a $100 million loan (also Canadian) to any local bidder, reflecting how badly the community wanted one of their own to take control of the team. The Molsons apparently plan to turn down that offer, according to lawyers on the deal. Bell to keep Canadiens stake - NHL on CBC Sports - Hockey news, opinion, scores, stats, standings Bell to keep Canadiens stake The Canadian Press Posted: Dec 09, 2011 10:38 AM ET Last Updated: Dec 09, 2011 2:47 PM ET Bell is one of the minority partners in the Molson family group that owns the Canadiens. (Richard Wolowicz/Getty Images) Related Stories TEAM PAGE: Montreal Canadiens Bell says it will continue its minority ownership position in the Montreal Canadiens in the wake of its investment in the parent company of the Toronto Maple Leafs.

"Our investment in [the] Montreal Canadiens has been tremendous for Bell in our markets in Quebec and quite frankly that investment will be maintained," BCE president and CEO George Cope said Friday. Cope says Bell will work with the NHL "to accommodate any of their needs." Bell is one of the minority partners in the Molson family group, which owns the Canadiens. It has an 18 per cent share of the Montreal club, which plays at the downtown Bell Centre. Martine Turcotte, Bell's Quebec vice-chair, also has offered assurances for Canadiens fans. "Bell is absolutely totally committed to its relationship with the Montreal Canadiens," she told The Canadian Press. "That's why we structured the transaction in a way which we believe will satisfy the NHL rules on cross-ownership." Turcotte noted that, according to NHL ownership rules, a shareholder who controls more than 30 per cent of one NHL team cannot be involved in another franchise. Under Friday's deal, Bell bought 37.5 per cent of Maple Leaf Sports & Entertainment, the Leafs' parent company. But Turcotte points out that the pension fund of the company's employees is picking up part of the ownership.

"We approached it from a direct participation by Bell of 28 per cent in the MLSE," she said. "We also have the BCE Master Trust Fund, which is an independent trust that deals with our retirement employees and where they are taking a 9.5 per cent participation." Bell's contribution will total $398 million, which represents a 28 per cent equity interest in MLSE. The BCE Master Trust Fund will contribute $135 million toward the MLSE acquisition. Turcotte added that Bell doesn't expect any major changes that could have an impact on the company's relationship with the Canadiens. The deal will also see Rogers buying a 37.5 per cent stake in MLSE. Molson brothers are the new ownersof the Montreal Canadiens Hockey Club | NHL.com Molson brothers are the new ownersof the Montreal Canadiens Hockey Club Molson brothers are the new ownersof the Montreal Canadiens Hockey Club by Staff Writer / Montréal Canadiens PRESS RELEASE MONTREAL – The group led by Geoff, Andrew and Justin Molson officially became owners of the Montreal Canadiens Hockey Club on Tuesday. The transaction was completed this morning after receiving the approval of the National Hockey League. The transaction also includes the Bell Centre and the Gillett Entertainment Group.

“I would like to thank the NHL governors for their support and I would also like to thank all those who have contributed to the success of this transaction,” said Geoff Molson, who leads the investor group. Partners of the Molson brothers in the transaction include Woodbridge, BCE/Bell, the QFL Solidarity Fund, Michael Andlauer, Luc Bertrand and the National Bank Financial Group. The National Bank also joined as a partner in addition to leading the banking syndicate, which includes Desjardins Group and Scotiabank. Investissement Québec, a Quebec government corporation that promotes investment in the province, also participated in the financing. “I am very proud to have been able to recruit such solid and prestigious partners in this transaction and to have benefited from the support of major financial institutions and the Quebec government,” emphasized Mr. Molson. Two-thirds of the capital for the transaction came from partners in Quebec. The investor group is structured as a private company and financial details of the transaction were not disclosed. “This is a proud moment for my family and our partners in the transaction,” stated Geoff Molson.

“As owners, we will be right there with management and the team, building and battling toward our next Stanley Cup.” Today’s announcement is the culmination of six months of work, since the Molson brothers first announced, on May 26, 2009, the possibility that they would make an offer under BMO Capital Market’s bid process for the sale of the Canadiens Hockey Club, the Bell Centre and Gillett Entertainment Group. On June 10, the Molson brothers announced that they had tendered an offer to Mr. George Gillett. On June 20, the Gillett family and the Molson family announced that they had reached an agreement in principle. On September 10, Geoff Molson and George Gillett announced they had signed an agreement, which was subject to the approval of the National Hockey League. That approval was granted by the board of governors of the League today, December 1, 2009. Mr. Molson praised the work of the team that was assembled to carry out the transaction.

In addition to Luc Bertrand, former president of the Montreal Exchange, the team consisted of financial advisors from PricewaterhouseCoopers, legal advisors from Lavery and from Davies, and communications consultants from NATIONAL Public Relations. NHL Board of governors approves sale of Montreal Canadiens comment MONTREAL -- With their 100th anniversary only days away, the Montreal Canadiens are under new ownership, led by a familiar name with city roots more than twice the team's age. The Molson family won approval of their purchase of the storied franchise from the NHL board of governors Tuesday, becoming the fourth group of Molsons to own the club since the 1950s. Geoff Molson and brothers Andrew and Justin are the lead investors in a partnership group that reportedly paid $575 million for the Canadiens, the Bell Centre -- the team's 21,273-seat downtown arena -- and the Gillett Entertainment Group, a concert promotion company. "We're really proud to be here today as the new owners," said Geoff Molson, who will be the chairman and chief executive officer. "We're part of the seventh generation of the Molson family that has been in this city for 223 years.

We're young and we're ambitious and we're really looking forward to being part of this." George Gillett Jr., who bought the team and the arena for $275 million in 2001, put the team up for sale in the spring. The Colorado-based businessman co-owns Liverpool of the English Premier League and he and his partner, Tom Hicks, are looking for investors to inject new capital in order to reduce the soccer club's debt load. When the Molson company put the Canadiens up for sale eight years ago, no local buyer was willing to risk what was deemed a steep price for a team that paid most of its expenses in U.S. dollars but took in what were then weak Canadian dollars at the gate. The opportunity to regain control of the team proved compelling to a new generation of Molsons. "It's been five decades we've been involved with this team," Molson said. "It's in our soul, it's in our blood, and we always wanted to once again become the owners of this team." The Canadiens have won a record 24 Stanley Cups since they were founded on Dec.

4, 1909, including their first in 1916 as an original member of the National Hockey Association, the NHL's predecessor. They will celebrate their 100th anniversary on Friday when they host the Boston Bruins . "As owners, we will be right there with management and the team, building and battling toward our next Stanley Cup," Molson said. The Molson group also bought the 19.9 percent held by the Molson-Coors brewery, which will remain a sponsor. Molson said the decision to invest family money directly in the team was a popular one within the clan. "The support system has been great," Molson said. "We have a big family, as you can imagine. We've been in Canada for a long time and I've been well surrounded by all of my family members." The ownership group includes Bell, Canada's largest communications company, and the Woodbridge Company, owned by the Thomson family, which controls Thompson Reuters. Both have large stakes in CTVglobemedia (Bell 15 percent, Woodbridge 40 percent), whose television holdings include TSN and its French-language cousin RDS, which broadcasts Canadiens games.

Others in the group are the Quebec Labour Federation solidarity fund; Michael Andlauer, a French-born, Montreal-raised businessman who owns the Canadiens' top farm team, the Hamilton Bulldogs; and Luc Bertrand, former head of the Montreal Stock Exchange. Two-thirds of the partnership is based in Quebec. The National Bank Financial Group is a participant and is leading the banking syndicate, which includes the Desjardins Group and Scotiabank.

Question: In Canada, the Molson family owns which NHL Team?
Answer: The Montreal Canadiens