Canadiens Sold to American Businessman

M O N T R E A L, Jan. 31 -- The Montreal Canadiens, a national treasure ofCanadian sports, are now American property.

Molson Inc., the team owner, sold 80 percent of the NHL club andall of the Molson Centre today to Colorado businessmanGeorge Gillett for $183 million.

Staying Put in Montreal

The brewery will keep the remaining 20 percent of the storiedteam, which will stay in Montreal. "The team cannot leave Montreal," said Daniel O'Neill, Molsonpresident and chief executive officer. "There's no question aboutthat." However, he said no offers came from any Canadian company orindividual. Gillett, a Colorado entrepreneur, once owned the HarlemGlobetrotters and a share of the Miami Dolphins. He tried to buythe Colorado Avalanche last year. "I regard the team as one of the world's genuine sportsdynasties," he said. "I am committed to the Montreal Canadienswith the ultimate goal of restoring the stature of the franchise asthe greatest team in hockey." The NHL's board of governors must approve any deal, a processexpected to take 4-to-6 weeks. The Canadiens and their heavilytaxed arena were put up for sale last June.

‘Committed to Winning’

"In the process to find the correct owner, we had to be surethat whoever it was, was committed to winning," O'Neill said."George Gillett's knowledge of professional sport franchises, hiscommitment to excellence and his superior operation and leadershipskills are represented in many of his past and current businessventure." Gillett takes control of a team that is last in its division anda long way from the days when it was synonymous with excellence.The Canadiens missed the playoffs the past two seasons and need astrong finish to make the postseason this year. "Mr. Gillett will rebuild the Montreal Canadiens and restore asense of excitement and public pride in the team," O'Neill said.This will give Montrealers and Canadiens' fans everywhere a reasonto celebrate." The 62-year-old Gillett was born in Racine, Wis., and hasdescribed himself as a "sports fanatic since childhood."