Canadiens Owner Molson Cos. Ltd. "is in the midst of a
study to determine whether it makes sense" to continue to
own the NHL franchise, according to Paul Brent of the
FINANCIAL POST. If Molson finds the connection between
hockey and beer "tenuous," the team "could be put on the
trading block." Molson President & CEO James Arnett
questions "whether owning a hockey team is necessary to be
in the hockey business to help you sell beer." Arnett:
"There are strategic advantages, I think, to owning a team,
and what we have to evaluate is whether those advantages
justify the cost, so that is what we are working on." The
team and its arena, the Molson Centre, recorded an operating
loss of C$2.9M for the nine months ended December 31,
compared with a C$2.6M operating profit the year before. To
sell, Molson would have to get approval from the Montreal-
based Molson family. Arnett: "The family would not be an
issue. The board of directors, including the Molson members
of it, are prepared to make a decision based upon a rational
economic decision. They are not going to keep the team just
for romantic reasons" (FINANCIAL POST, 2/24).
