Congratulations to the Molson brothers on their purchase of the Montreal Canadiens from George N. Gillett, for the modest sum of US$550 M!
In all seriousness, this event truly makes me happy as it puts an end to a long series of events that began earlier this year when the American millionaire hired Jacques Menard from BMO to evaluate his assets. Gillett, due to the poor economy, was heading into a dark financial hole if he didn't cut his losses which were mostly generated by his Nascar and English Soccer ventures. Today that dark hole turned into a fluffier and greener one.
This day also marks the end of Gillett's run as an NHL owner, a particularly successful one at that. In an industry where proprietors are ecstatic to cover their expenses, Gillett doubled the value of the Canadian franchise over a span of 8 years, from US$225 M (the price he paid Molson Coors in 2001) to US$550 M.
Numerous other groups were amongst the bidders for the Historic Club, the Bell Centre and Gillett Entertainment Group, including one lead by Quebecor mastermind Pierre-Karl Pelladeau. In the end, the Molsons ponied up their savings and decided to purchase the Canadiens, in order to try and restore to the team the prestige it had possessed under their family in past years.
The Molsons (Hartland and Thomas) originally purchased the Canadiens as well as the Canadian Arena Company, in 1957. They then proceeded to sell off both assets to their cousins (J. David, William A. and Peter B.) for approximately US$5 M. In 1971, the Bleu-Blanc-Rouge was sold by the Molsons to a group headed by the Bronfman family.
In a second attempt to lead the Montreal franchise to more success, Molson Breweries of Canada Ltd. purchased the club from this same group in 1978 and had possession of it until 2001. During their combined 37 years of ownership, the Molsons were present for 11 of the Canadiens' 24 stanley cup victories. But leave it at that, they're 0n an 8-year losing skid!
No comments:
Post a Comment