Liverpool FC owner George Gillett receives US$550 million cash windfall

[Bender]

George Gillett, the American businessman who co-owns English soccer club Liverpool, will receive US$550 million after his sale of the Montreal Canadiens NHL franchise was approved.

The deal represents a huge profit on the US$275 million Gillett paid for his share of the franchise in 2001. The price was driven up by competing bidders, with three of the Molson brothers, from the family which owns the 19.9 per cent of the club not in Gillett's hands, outbidding a number of other parties, including Quebecor Media.

The Molson family will now take full control of the team after buying Gillett's 80.1 per cent stake. Geoff Molson will be club chairman and chief executive.

Whether Gillett will reinvest any of the fortune in Liverpool remains to be seen. His co-owner Tom Hicks has publically stated that the sale of one of his sports properties, the Texas Rangers, will not affect his dealings with Liverpool.

[Guest]

That's basically what they are looking for. Buy a club, increase its value and then sell it 5 or 10 years down the line. These guys are businessmen, no more no less. It might not be bad for us because but it leaves us to being bought by any one of them in the long run.

[Tee]

That's basically what they are looking for. Buy a club, increase its value and then sell it 5 or 10 years down the line. These guys are businessmen, no more no less. It might not be bad for us because but it leaves us to being bought by any one of them in the long run.

And here we were panicking over DIC's 7 year plan.

[Vermilion]

No excuses now about not having money for the stadium, he can just lend it to the club interest free, or at a brilliant rate, sure he'd do that, wouldn't he ?

[Exiled_red]

I doubt this will make any impact on us, I'd assume all the money will go in his pocket and stay there, I can't imagine any heading towards us

[BrianF80]

That deal was done months and months ago, why has the story just re-surfaced now?

[Vermilion]

That deal was done months and months ago, why has the story just re-surfaced now?

Agreed maybe, but i don't think done.

[BrianF80]

Agreed but i don't think done.

Aaahhh I see, cheers.

[Matt]

I doubt this will make any impact on us, I'd assume all the money will go in his pocket and stay there, I can't imagine any heading towards us

Agreed

[Bender]

TELEGRAPH
Liveropol co-owner George Gillett has sealed a $300 million profit following the sale of his Montreal Canadiens ice-hockey franchise, which was approved by the National Hockey League last night.

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.
Geoff Molson and his brothers Andrew and Justin are the lead investors in a group that has purchased the Canadiens, the Bell Centre and the Gillett Entertainment Group from Gillett.

The deal could have implications for Liverpool, where Gillett’s relationship with co-owner Tom Hicks has not always been harmonious.
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.
Gillett decided to sell the Canadiens at the end of last year in an attempt to ease pressure on his diverse portfolio of interests, which include a Nascar team as well as Liverpool.
It is far from certain that he will use the windfall from the sale to change the balance of power at Liverpool, but the money could help strengthen his position.
Hicks is also seeking investors in his North American sports interests including the Dallas Stars NHL franchise.
Both men have said they remain committed to Liverpool independent of their US businesses interests.

[dom9]

I wonder what his interest payments were in the meantime?

[Charly]

Custodian my big fat arse!!!

[Leyton388]

**** them both. Hope he spunks it away and ends up bankrupt again.