Gillett sells Canadiens franchise

Liverpool co-owner George Gillett has completed the sale of his Montreal Canadiens ice hockey franchise, expected to give him a $300m windfall.

Gillett paid $275m for the team and the Bell Centre arena in 2001, but is understood to have sealed a $575m sale to representatives of the Molson brewing family, report The Telegraph today.

Whether the money is likely to have any positive influence this side of the pond is unlikely, given Gillett and partner Tom Hicks’ track record thus far.

Interestingly, The Telegraph also report “the pair are currently seeking third-party investors to break the 50-50 deadlock on the board and pay down some of the club’s £230m debt”.