Are the Montreal Canadiens for Sale?

Yesterday, I read a headline that the Montreal Canadiens for sale and I kind of dismissed it because I didn’t think I had read it correctly but then while I was watching the highlights last night, they started talking about it.  With the Habs on a downward spiral (they’ve lost the last five games) and the economy not being much better, Canadiens president Pierre Boivin, is reporting that owner George Gillett is considering selling some of his assets, including the Habs.  “We’re not hiding it; we’re going through a very difficult economic period,” Boivin told Montreal’s La Presse newspaper (it’s in French).

image: TSN

“The Gillett family has retained the services of financial advisers to assess various strategic alternatives to optimize the value of its corporate assets,” said Boivin. “In Canada, the family has retained the services of BMO Capital Markets and the process is underway.”

I can’t deny that I find this astonishing.  Forbes Magazine estimated in October 2008 that the Habs were worth $334 million and ranked them as the NHL’s third most valuable team in October 2008.

There are some crazy rumors about potential buyers including Research In Motion CEO Jim Balsillie, Cirque du Soleil owner Guy Laliberte, Quebecor (media company) and Rene Angelil, manager and husband of Quebeçoise singer Celine Dion.

For now, interim head coach and GM, Bob Gainey, is trying to keep the players focused on their game (yeah, that seems to be working).  “I’ve heard vague rumours about what’s happening” he said.  “I didn’t hear that the hockey team was being sold. Have you? No. So it doesn’t change. We’re in March. Our budget’s been set, our money’s spent…..We have hockey games to play and it’s about the competition.”

The Canadiens are celebrating their 100th Season and, while it began with such promise, things are steadily falling apart.  I think the biggest mistake so far was firing Guy Carbonneau.  The Habs have won just once in the six games since Gainey began coaching the team.