Several Bidders Reportedly Prepping Offers To Buy Canadiens
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Savard Says He Is Interested In
Acquiring Canadiens If Team Is For Sale |
Potential bidders interested in acquiring a stake in the Canadiens have been looking at the team's "books for several weeks as part of due diligence procedures that could eventually lead to a deal to sell all or part of the team," according to sources cited by Gordon & MacGregor in a front-page piece for the GLOBE & MAIL. Canadiens Owner George Gillett last month retained BMO Nesbitt Burns Inc. to evaluate his holdings, which include the Bell Centre and an 80.1% stake in the team. While there have been "continued denials from the ownership that a decision has been made to sell the franchise," prospective buyers reportedly are "being asked to submit formal offers this week." A source said that the process "has been continuing since early March." Radio-Canada cited sources as saying that "several groups have signed confidentiality agreements with the Bank of Montreal's investment banking arm." The station reported that 10 groups have signed the pacts, including Montreal businessman Stephen Bronfman, USL Montreal Impact President Joey Saputo and Cirque du Soleil Founder & CEO Guy Laliberté. Radio-Canada indicated that formal bids are due by 5:00pm ET tomorrow, and "as many as 50 potential purchasers have been identified by the bank advisers." The list reportedly includes: Feeling Productions, owned in part by singer Celine Dion; media company Quebecor; arena management and hockey equipment firm Roustan Capital; Boston-based private equity fund Spectrum Equity; public pension firm Caisse de dépôt et placement du Québec; and Montreal-based the ALDO Group. Radio-Canada also reported that Molson, which owns the remaining 19.9% stake in the Canadiens, is "one of the bidders" (GLOBE & MAIL, 4/8).
A GROUP EFFORT: Former Canadiens GM Serge Savard, who yesterday expressed interest in buying the team from Gillett, said, "I've told Mr. Gillett I'm interested. I think our people can put this deal together, but there's no use getting involved if the team is not for sale. Mr. Gillett has said recently it's not for sale." Savard added, "Personally, I can't buy the team, but if it were for sale our group would go after it." In Montreal, Red Fisher writes if Gillett does sell the Canadiens, and "if somehow Savard and his group can find the money to meet his asking price, there's no question ... that Savard would be welcomed with open arms by everyone at the NHL level." Savard's return as an "integral part of ownership would be nothing less than returning to the embrace of family" (Montreal GAZETTE, 4/8).
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