molson brewery

Molson family loses backing for purchase of hockey team

July 29, 2009

CIT Group Inc, the 101-year-old lending company, has pulled out of financing the Molson family’s purchase of the Montreal Canadiens hockey team, a family spokesman announced today.

CIT Group Inc, the 101-year-old lending company, has pulled out of financing the Molson family's purchase of the Montreal Canadiens hockey team, a family spokesman announced today.

The deal, worth $575 million, is still set to go ahead as the family "have made arrangements with other financial institutions," said Luc Beauregard on behalf of the Molsons. He declined to comment on who the new lender was but Canadian media reports suggest the most likely candidate is the Bank of Montreal.

Molson family excited to regain ownership of Montreal Canadiens

June 22, 2009

American millionaire George Gillett is selling his 80.1% share in the Montreal Canadiens ice hockey team to the Molson family for $550 million.

Gillett, who is the co-owner of Liverpool FC, is selling in order to ease the pressure mounting on the English football club he co-owns with fellow American businessman Tom Hicks. The pair have until 24 July to repay the $576 million they owe to the Royal Bank of Scotland and Wachovia financial services.