George Gillett Jr. and the Molson family have officially confirmed that they have reached an agreement in principle to sell the Canadiens.
According to CTV sources, the sale price of the storied hockey team, the Bell Centre and the Gillett Entertainment Group is more than $600 million.
Geoffrey, Andrew and Justin Molson, in conjunction with several partners, reached an agreement with Gillett early Saturday morning.
Currently Molson Coors owns just under 20 percent of the fabled hockey franchise.
Geoffrey Molson is a member of the Canadiens board of directors.
Last week Premier Jean Charest said the provincial government was willing to offer $100 million in loan guarantees to ensure ownership of the Canadiens stays in local hands.
There are several reports that former Canadiens great Serge Savard will play an important role in the team's management structure, although the details have yet to be worked out.
The Molson family and Gillett say they will hold a press conference once they have worked out all the details of the transfer of the team and its assets.
The NHL will still have to approve the deal, but on Saturday commissioner Gary Bettman said that he likes having the Canadiens owned by a Montreal-based group.
