Molson brothers are the new ownersof the Montreal Canadiens Hockey Club
/ Montréal Canadiens
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.