Originally Posted by Setanta Sports

Gillett eases Liverpool fears



The financial cloud hanging over Liverpool has been partially alleviated after one of The Reds’ co-owners, George Gillett, agreed to sell the NHL’s Montreal Canadiens to the Molson family.

The deal for the most decorated side in NHL history is reported to be worth £330 million and once completed will increase Gillett’s ability to meet the debt repayments he and co-owner Tom Hicks incurred as part of their takeover of Liverpool in 2007.

Just two weeks ago, Liverpool’s accountants warned that there was ‘significant doubt’ about the Americans’ parent company’s ability to continue as a going concern with further repayments due on July 24.

Gillett and Hicks, who both own considerable sporting enterprises in the United States, have been looking to sell some of their assets so the deal for the Canadiens comes as positive news for Liverpool.

Gillett believes the deal will also benefit the Canadiens who will be under the ownership again of the Molson family.

Brothers Geoff, Andrew and Justin, who currently own a 20 percent stake in the NHL side, sold their controlling interest to Gillett in 2001.

"Our family has been very proud to be associated with the Montreal Canadiens over the past eight years and particularly to be a part of their Centennial Season," said Gillett.

"I am fully confident that the Molson brothers, who have been a great part of the heritage of the club, will ensure the preservation and development of this great sports institution."