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Hicks Seeking To Add Stars, Rangers Investors Due To Economy
Published March 26, 2009
|Hicks (r) Willing To Give Up 49% Of Both Stars
And Rangers To Limited Owners
INTERNAL REVIEW: Gillett, who made a presentation at Sportaccord yesterday in Denver, said that his company, Booth Creek Management Corp., had engaged six advisors in three countries to "look at various options and opportunities" as the company does some "standard" estate planning. He said he was not looking to sell the Canadiens or Liverpool right now. Gillett added, "It's no big deal. I just turned 70 and it's standard stuff that a person does at my age." He said that the estate planning had nothing to do with leverage or the success of the clubs (Tripp Mickle, SportsBusiness Journal). Gillett, who "spoke about the global state of sports" at the conference, said that he "refused to dignify questions about reports that he is reviewing his assets or may sell, calling them inaccurate." Gillett: "We were doing some estate planning and doing a review. Estate planning is private and as off the record as you can get. I find this impolite and offensive." Gillett added that it is "unlikely there will be any sale of assets, but there may be recapitalizations or new partnerships." Gillett: "I know it affects assets we all know and love, but these businesses are in great financial shape" (DENVER POST, 3/26).
GAMES OF STATE: The Parti Quebecois (PQ) said that the "time has come to bring ownership of the Montreal Canadiens back to Quebec." The GLOBE & MAIL's Rheal Seguin writes "what better way to do it then to get" the Caisse de depot et placement du Quebec, which manages public pension plans, "in on the act." The PQ "contends that nationalist aspirations should inspire the Caisse to help Quebec entrepreneurs" buy the Canadiens, and the PQ also argued that the Caisse "lost close to [C$40B] last year and this could be a way to win back some of those losses." Seguin notes PQ leader Pauline Marois is "convinced that buying the team makes good business sense" (GLOBE & MAIL, 3/26). Meanwhile, Quebec Premier Jean Charest said that there is "no danger the Habs will leave Montreal." Charest: "The Canadiens are going to stay in Montreal" (Montreal GAZETTE, 3/26).