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April 28, 2009
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Quebec Government Willing To Help Finance Canadiens Purchase

Quebec Government Willing To
Float C$100M For Canadiens
The Quebec government yesterday said that it is "willing to float [C$100M] in unsecured bonds to help finance homegrown investors interested in scooping up" the Canadiens, according to Sean Gordon of the GLOBE & MAIL. Quebec Finance Minister Raymond Bachand: "I don't want to be a shareholder, but a debenture could bring in some money (in interest) if need be for a group of investors." Bachand added that "several interested parties have contacted the government in search of financial assistance," and that the process "leading to a sale could extend for 'several more weeks.'" Meanwhile, Gordon cites financial documents acquired by French-language net RDS as indicating that the Canadiens earned C$288M for the FY ended June 1, 2008, including a profit of about C$45M. The documents indicated that the team "generates roughly [C$2M] a home game in ticket and ancillary revenue" (GLOBE & MAIL, 4/28).

STATE OF FLUX: In Boston, Kevin Paul Dupont noted Canadiens Exec VP & GM Bob Gainey, "highly respected among his peers and in the media, is chirping like never before, likely because he is feeling the heat like never before in his some six years in the corner office." It "would not be surprising if he were to step down and leave it to the next guy in charge to manage the roster, along with those oft-unrealistic expectations in Montreal." But there is "no telling how all of it plays out in the next few weeks," especially with Owner George Gillett "looking to sell." Dupont noted singer Celine Dion "could end up buying" the Canadiens, and she is "pals" with Avalanche President Pierre Lacroix. If Dion acquires the Canadiens, she "could try to entice Lacroix back" to Montreal, "where he was a player agent prior to taking over the Avalanche front office" (BOSTON GLOBE, 4/26).


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