MONTREAL // The Molson brewing family is poised to buy back the Montreal Canadiens. Team owner George Gillett - who is also co-owner of English Premier League football club Liverpool - and Geoff Molson issued a joint statement yesterday saying they have an agreement in principle for three Molson brothers to purchase the club.
The deal needs approval from the NHL's board of governors, which they expect to occur by late August. A team spokesman said no time frame has been set for the announcement. The two sides did not reveal the sale price or any other details. Mr Gillett owned 80.1 per cent of the team, its arena and its event promotion company. Brothers Geoff, Andrew and Justin Molson, whose family first bought into the Canadiens in the 1950s, were up against a handful of bidders for the team, including Quebecor Media.
Mr Gillett said he was "pleased to return the ownership of the Canadiens to the Molson family, a family that has been associated with the club for over three generations and committed to the Montreal community for seven generations over a 223-year period".
Mr Gillett purchased his majority share in the team in 2001 for US$275 million (Dh1bn). The remaining 19.9 per cent remains with the Molson Coors company. Geoff Molson is on the team's board of directors, but he withdrew from its activities during the sale process. Mr Gillett has built the Canadiens into one of the NHL's most profitable clubs. He is also co-owner of Liverpool with Dallas Stars owner Tom Hicks.
"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," Mr Gillett said.
"This is a very exciting time for our family," Geoff Molson said in the statement. Provincial finance minister Raymond Bachand has made a $100m loan available to any new owners, as long as they're from Quebec.
NHL commissioner Gary Bettman said ownership by the Molson family will be good for the team's fans.
"To the extent that they've been able to find people who are obviously passionate about the game and structure a transaction that makes sense for everybody, that's a real plus for the franchise and the fans in Montreal," he said. Despite mixed results on the ice, the Canadiens have consistently sold out the Bell Centre, the league's largest venue with 21,273 seats, since the 2004-05 lockout season.
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
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Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Abu Dhabi race card
5pm Abu Dhabi Fillies Classic Prestige | Dh110,000 | 1,400m
5.30pm Abu Dhabi Colts Classic Prestige | Dh110,000 | 1,400m
6pm Abu Dhabi Championship Listed | Dh180,000 | 1,600m
6.30pm Maiden | Dh80,000 | 1,600m
7pm Wathba Stallions Cup Handicap | Dh80,000 | 1,400m
7.30pm Handicap (TB) |Dh100,000 | 2,400m
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Charlotte Gainsbourg
Rest
(Because Music)
Abu Dhabi Sustainability Week
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
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SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Pathaan
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