Liverpool Owner Gillett Sells NHL Team

Liverpool co-owner George Gillett is to sell one of his major assets, NHL ice hockey team the Montreal Canadiens, in a deal which could ease financial pressures at the Premier League club.

Gillett is selling his stake in the Canadiens in a deal reported to be worth at least $550m (£332.9m).

Gillett, and fellow Liverpool owner Tom Hicks, have until 24th July to repay £350m they owe to banks RBS and Wachovia.

Latest accounts show Kop Holdings, the parent company of the Anfield club, lost £42.6m in the year to August 2008. Interest payments on loans accounted for £36.5m of Kop’s losses.

Gillett put the Canadiens up for sale earlier this year, and the deal includes his 80% stake in the team, the Bell Centre arena, and the Gillett Entertainment Group.

They are being bought by brewing giants, the Molson family, who already own the remaining 20% share.

Hicks has also been looking to sell off elements of his own sporting empire – which include Major League Baseball’s Texas Rangers and the NHL’s Dallas Stars.

The pair bought Liverpool in February 2007 and since then have failed to progress with a promised new stadium, and seen potential sales of the club fall away.

There have been many questions surrounding the future of the £350m loans, after the repayment deadline was extended for six months this January.

Liverpool were put on the market last year with a reported asking price of about £500m, but no sale was finalised.