Former Habs great Serge Savard is ready to embark on his greatest business venture yet -- the purchase of his old team from American George Gillett.

Multiple media reports say Savard's business group, Thibault-Messier-Savard, has raised the necessary funds to buy the team should Gillett decide to sell it.

If the deal were to go ahead, Savard plans to be the majority shareholder, according to reports.

Gillett has not said if the team is for sale despite an announcement last month that he's commissioned an independent review of all of his holdings.

Second go-round

This isn't the first time that Savard has tried to buy the team he once led on and off the ice.

In the mid 1990s he approached then-Molson president Mickey Cohen with an offer to purchase.

But Cohen lost his job soon afterwards and Savard was frozen out of subsequent talks to sell the team.

Media reports have also quashed rumours that Cirque du Soleil owner Guy Laliberte and pop-music power couple Rene Angelil and Celine Dion had each planned to buy the Canadiens.