The Montreal Canadiens aren't even officially for sale yet but speculation is already swirling over who would buy one of the economic crown jewels of the National Hockey League.
Could it be Rene Angelil, the mastermind behind pop megastar Celine Dion? What about the Cirque du soleil? Or even the Quebec's pension-fund manager, the Caisse de depot et placement?
Habs owner George Gillett, an American, has retained financial firms in Canada and other parts of the world to "optimize the value" of his holdings in sports, entertainment and other businesses.
The debate over a possible Habs sale has spilled onto the floor of Quebec's legislature, where Premier Jean Charest stickhandled around Parti Quebecois shots that the government should consider investing in Montreal's storied hockey team.
The Caisse can certainly sympathize with the Habs -- the pension guant has also been roundly lambasted for its uninspired performance of late.
"Very good Question": Caisse
Caisse chairman Robert Tessier allows it's "a very good question" when he's buttonholed about any interest by the Caisse in the team.
The board would be duty-bound to look at any proposals but the decision would fall to the pension fund managers and president Michael Sabia, he said.
And, he added, a return on the investment would be "essential."
The Caisse buying the Habs is not a far-fetched idea. The powerful Ontario Teachers' Pension Plan has a stake in the Toronto Maple Leafs and members sit on the board.
Distracting investment?
Karl Moore, a business professor at McGill University, says that while the Canadiens have valuable assets and it would be great to have a local owner, it all comes down to price and whether or not the franchise is a good investment.
The Caisse would also have to take into account that buying what to many Quebecers is a piece of their heart is a lot different than scooping up some real estate. It could even be a distracting investment, Moore said.
"It's an emotionally engaging investment for anyone in Quebec," he said. "It would be something where it would be almost inevitable that you would be drawn to spending time there when you really should be focused on your job of managing the investments which are now in Quebec but also worldwide."
He would advise the Caisse, which lost close to $40 billion in 2008, to take a cue from Gillett and be a hands-off owner if it did get involved.
Moore said he doesn't believe there's any danger of the Canadiens leaving Montreal and he expects to see a good investor appear.
Even though they are struggling to make the playoffs, the Canadiens have worth. Last October, Forbes magazine valued the franchise at $334 million, putting it third in the NHL, behind the New York Rangers and the Maple Leafs.
