Montreal Canadiens Owners Repay C$75 Million Loan, Quebec Government Says
The investor group that owns the Montreal Canadiens repaid a C$75 million ($74 million) provincial government loan that helped finance the transaction last year, Quebec Economic Development Minister Clement Gignac said.
CH Group LP Chairman Geoffrey Molson, whose family controls the National Hockey League team, said the investors repaid the loan after completing a refinancing. The loan, made by the province’s Investissement Quebec financing arm, was to last as long as 10 years, the government said today in a statement on its website.
While CH Group never disclosed how much it paid for the team, Montreal’s Bell Centre arena and a concert-promotion business, ESPN reported that the price exceeded $550 million.
Besides the Molson family, the group includes Montreal- based BCE Inc., Canada’s largest telecommunications company; Solidarity Fund QFL, a Montreal-based labor-sponsored fund with C$7.3 billion in assets; Woodbridge Co., the holding company of Toronto’s Thomson family; Canadian transport executive Michael Andlauer; and Luc Bertrand, the former chief executive officer of the Montreal Exchange.
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