Kukla's Korner Hockey
Entries with the tag: george gillett
from Reuters via Yahoo,
American George Gillett is seeking a partner willing to invest $400 million into a sporting empire that includes Liverpool soccer club and the Montreal Canadiens NHL team, a newspaper said on Saturday.
The French-language La Presse, citing sources involved with the proposed sale of the Canadiens, said such an investment would enable the financially-pressed businessman to hold on to the teams.
La Presse said Gillett had proposed to several business executives that they invest $400 million and become a junior partner, but had generated little interest so far.
from ESPN Soccernet,
Gillett’s best-case scenario would include both the lucrative sale of the Canadiens and a debt restructuring agreement with Liverpool’s creditors. Failing that, it wouldn’t be at all surprising if he combined portions of his interest in both clubs and packaged them off to investors. He has been mulling the idea for some time, telling reporters in December that such a strategy “might enable fans or interested parties in investing in one or more of our sports properties.”
Canadian billionaire Jim Balsillie could very well be one of the “parties” Gillett referred to. The co-CEO of Research in Motion revealed Gillett’s intention to sell the Canadiens in November 2008, telling Montreal daily La Presse that the 24-time Stanley Cup champions were on the block. Gillett vehemently denied the speculation, although Balsillie’s remarks were validated less than four months later.
If Gillett opts to hang on to the Canadiens and offers combined Liverpool-Montreal investment packages - what he calls “investment strips” - to new investors, he will no doubt damage his already battered reputation in the eyes of many Liverpool supporters who opposed the American takeover of the club in the first place.
more and thanks to a KK member for the pointer…
from Rand Simon of the Hockey News,
Hockey fans everywhere had to be nervous about what the future holds for the game after Montreal Canadiens’ owner George Gillett was recently quoted as saying: “But it is still a very difficult business when you have your player payroll at 54 or 55 percent of your total revenue.”
If Gillett’s comments are an accurate reflection of what other owners think, then it is hard to be optimistic that a work stoppage can be avoided when the current CBA expires on Sept. 15, 2011 (the players have the right to extend the agreement by one year or terminate it two years early).