MOLSON HIRES FIRM TO EXAMINE ITS OWNERSHIP OF CANADIENS

          Molson Inc. announced yesterday that it "has ordered a
     top-to-bottom ownership review" of the Canadiens after its
     failure to make the playoffs this season cost the company
     C$5M in profits, according to Jan Ravensbergen of the
     Montreal GAZETTE.  Molson has hired investment bank Morgan
     Stanley "for advice on how to turn the franchise around
     financially," and Canadiens President James Arnett said that
     "every option is on the table except for an outright sale"
     of the team.  Two areas which are being looked at are the
     Canadiens' search for a new President after Ronald Corey
     leaves in July and the lack of "big-draw dates" at the
     Molson Centre (Montreal GAZETTE, 6/30).  The team posted an
     operating loss of C$3.8M in the '99 FY ended March 31 after
     generating a C$2.9M profit the previous year.  Arnett: "No,
     the Canadiens are not for sale" (REUTERS, 6/30).