Team President Pierre Bovin confirmed owner George Gillett has retained financial advisers from Bank of Montreal to examine how to optimize his assets. In statements published by Bloomberg News, Bovin blamed current economic circumstances saying: “We’re going through a difficult economic time.”
Canadien's Possible Sale Another Distraction
The announcement of a possible ownership change couldn’t come at a worse time for the club. They began their 100th season with high expectations of contending for the Stanley Cup and things have gotten rough. Poor play, coupled with off-ice problems caused General Manager (GM) Bob Gainey to fire Coach Guy Carbonneau. Gainey has replaced Carbonneau as coach with a record of 1-3-2 since his coaching stint began.
Their most recent loss was a 5-2 decision to the Toronto Maple Leafs in a game that left Bell Centre fans booing their team. They are 2 points up on the Florida Panthers for the eighth playoff spot in the NHL's Eastern Conference.
Off the ice, GM Gainey benched right wing Alexei Kovalev for a week, saying he may have been stressed out given his long shifts. The move caused speculation of a rift between Kovalev and former coach Carbonneau. Kovalev has denied a possible rift, backing the former coach’s claim that the players always put in an honest effort.
The probable sale serves as another distraction.
Gillett Hit by Bad Economy
The rumour of a possible Canadiens’ sale has been around since late last year. According to press reports billionaire Jim Ballsille said in November the Habs were for sale. Current owner George Gillett passionately denied the report in comments published on the LondonTelegraph’s website: “The Montreal Canadiens have never been for sale. We have never prepared documents or materials to that that end. I am angry I need to keep denying this.”
Gillett co-owns an English football team in Liverpool with Dallas Stars owner Tom Hicks, and needs to re-finance a $75 million loan in order to remain involved with the club, and a possible sale of the Canadiens would help finance that. Team President Bovin confirmed the process of asset evaluation has been started, but "it’s only at the beginning.”
Gillett owns 80.1% of the Canadiens, and the entire Bell Centre. When he bought the club in 2001, it was valued at approximately $181 million. Forbes magazine puts its current value at around: $334 million making it the third most valuable behind the New York Rangers, and Toronto Maple Leafs.
Prospective buyers for the team include: Research-In-Motion founder Jim Ballsile, singer Céline Dion, Cirque Du Soleil’s founder Guy Laliberté, and media giant Québecor.
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