Jump to content

  • Sign up for free and receive a month's subscription

    You are viewing this page as a guest. That means you are either a member who has not logged in, or you have not yet registered with us. Signing up for an account only takes a minute and it means you will no longer see this annoying box! It will also allow you to get involved with our friendly(ish!) community and take part in the discussions on our forums. And because we're feeling generous, if you sign up for a free account we will give you a month's free trial access to our subscriber only content with no obligation to commit. Register an account and then send a private message to @dave u and he'll hook you up with a subscription.

The Cunt G.G. to sell NHL Franchise.

Unrighteous

By Unrighteous,
in FF - Football Forum

 Share

Recommended Posts

Unrighteous Grand Master

Unrighteous

Posted
Posted

Molson brothers confirm bid to buy Canadiens

Thursday, 06.11.2009 / 4:01 AM / News Associated Press

 

MONTREAL (AP) -Three Molson brothers confirmed Wednesday they have made an offer to buy the Montreal Canadiens, the Gillett Entertainment Centre and the Bell Centre.

 

Geoff, Andrew and Justin Molson say the bid was delivered to George Gillett, who owns the Bell Centre and about 80 per cent of the National Hockey League team.

 

Geoff Molson says he and his brothers have assembled a "solid and credible" group of investors to bolster their bid.

 

The offer "has all the ingredients" needed to satisfy both the seller and the NHL, he said.

 

He refused to comment further on the pending deal citing a confidentiality agreement signed by all parties involved.

 

Molson Coors already owns a 20 per cent stake in the franchise.

 

Gillett said earlier this spring he would seek advice from financial firms in Canada and elsewhere about how he might maximize his holdings.

 

Quebecor has also indicated interest in purchasing the team, while the Solidarity Fund of the Quebec Federation of Labour confirmed it is in the mix with different groups to buy the Canadiens.

Link to comment
Share on other sites
diego Enthusiast

diego

Posted
Posted

The location of the Bell Centre - the home of the Canadiens hocky franchise - is prime, modern real estate in the very centre of downtown Montreal. The team's former stadium - a few blocks west - used to be considered a shrine of hockey - a bit like Anfield is for football. The Montreal Canadiens used to be the most successful professional sports team in history including all sports. (I'm not sure if they still are - I think they are, but only by relying on their historical achievements in the 1970's and 1980's - a bit like LFC). They are the pride of the Province of Quebec - the French-speaking province whose economy ranks about 11th in the world. The Canadiens also have a strong following across Canada and in the USA. GG managed to get his hands on it for a low price during a time in its history when the team was doing badly and the Quebec economy was weak.

 

He has not said he will sell it - he has asked for expressions of interest.

 

The Molson brothers who are mentioned in the offer are the owners of Molson Breweries which produces Molson Beer and other beverages - one of the most well-known brands.

 

GG owns 80%. If he sells it does indicate the extent of his money problems. Given that he has already tried to sell his 50% share in LFC it does not mean he values LFC over the Canadiens. But if he sells the Canadiens he will shore up his creditworthiness - protect his other assets and also allow him some possibilities with regard to LFC or other of his investments.

Link to comment
Share on other sites
WhiskeyJar Veteran

WhiskeyJar

Posted
Posted

Bronfman, Saputo Heirs Bid for NHL’s Canadiens, Le Journal Says

Share | Email | Print | A A A

 

By Frederic Tomesco

 

June 12 (Bloomberg) -- Canadian businessman Stephen Bronfman teamed up with Quebec’s Saputo family to bid for the National Hockey League’s Montreal Canadiens, Le Journal de Montreal reported, citing unidentified people familiar with the matter.

 

Their offer for the team, Montreal’s Bell Centre arena and a concert-production business may be worth as much as C$450 million ($401 million), Le Journal reported. That’s more than any other bid received by BMO Capital Markets for the 24-time Stanley Cup champions, the newspaper reported.

 

Stephen Bronfman, the son of former Montreal Expos owner Charles Bronfman, and Joey Saputo, who runs the city’s Impact soccer club that his family owns, head the investor group, Le Journal said. Saputo declined to comment on a possible bid at a press conference in Montreal yesterday, the newspaper said.

 

Quebec’s Molson family and cable and television company Quebecor Media Inc. lead the only two known bidders for the Canadiens. Canadian sporting goods executive Grame Roustan has also offered to buy the team through his personal investment arm, Le Journal also reported today. Roustan declined to comment, the newspaper said.

 

To contact the reporter for this story: Frederic Tomesco in Montreal at tomesco@bloomberg.net.

 

Last Updated: June 12, 2009 09:45 EDT

 

Bronfman, Saputo Heirs Bid for NHL’s Canadiens, Le Journal Says - Bloomberg.com

Link to comment
Share on other sites
ratcatcher Grand Master

ratcatcher

Posted
Posted

I think a lot of false hopes had been got up regarding the financial situation of those two. Its been fairly clear for a while now that LFC is the one part of their sporting empire they'd least likely move on.

 

If they can raise some money, I expect them to hold out for the long run unfortunately.

Link to comment
Share on other sites
greenoak Community Regular

greenoak

Posted
Posted

and how much of that 400 can mill do you think he owes to the banks.

 

A very high % is my guess. I doubt he will see much real cash after fees and tax..

 

Both the yanks have hocked everything they own to banks. Its not like a buyer is going to pay a premium when you know the seller has a gun up his arse and no room to move.

Link to comment
Share on other sites
Trumo Grand Master

Trumo

Posted
Posted

If Gillett manages to sell the Canadiens (still dependent on the buyer meeting his valuation I reckon), then all it would do is allow him to settle outstanding debts on that franchise. He would likely invest the surplus in another venture, and use that venture as collateral or personal guarantee towards the refinancing of Liverpool. I could be wrong, but time will tell.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing
×
×
  • Create New...