George Gillett may pocket hundreds of millions of dollars from the sale of the Montreal Canadiens, but he may not pay a single dollar in taxes to Quebec or Ottawa.
According to a report in La Presse, Gillett could save $63 million by avoiding paying taxes on the sale of the team, because of the way the transaction is structured.
An agreement between Canada and the U.S. allows Gillett to declare capital gains in his home state of Wyoming.
Michel Nadeau of the Institute for Governance told CTV News he was skeptical about the transaction.
"Doing this, they will deprive the Quebec and Canadian taxpayers of $63 million. It's legal, but personally I don't think it's socially responsible," he said.
The Molson family will pay $633 million for Gillett's controlling stake in the Habs, La Presse reported.
Gillet bought his stake in the Canadiens and the Bell Centre in 2001.
