Former Montreal Canadiens owner George Gillett Jr. has died at age 87 at a memory care facility in Denver following a long battle with Alzheimer’s disease, as reported by the Vail Daily and confirmed by the franchise on Wednesday. Gillett purchased an 80.1 per cent stake in the storied NHL club and 100 per cent of the arena then known as the Molson Centre for $275 million in January 2001, stepping in when no Canadian company or individual made an offer for the team.
The 2001 Acquisition and Financial Structure
When Molson Inc. decided to offload the franchise at the turn of the millennium, Gillett stepped up with a bid that covered the team and the venue built in 1996 for just $5 million more than its construction cost. According to reporting from Sportsnet, the American businessman secured the $275 million purchase using $140 million in loans from two banks alongside backing from the Caisse de dépôt et placement du Québec, the province’s pension fund manager.
Upon taking the reins, Gillett stated his ambition was to secure a 25th Stanley Cup for Montreal. While that milestone remained out of reach during his tenure, he shifted focus to maximizing arena revenue. A year after the takeover, he launched Gillett Entertainment Group—later rebranded as Evenko—to book non-hockey events and concerts on nights the Canadiens were dark.
Sale to Geoff Molson and the Liverpool FC Venture
Gillett remained majority owner until June 2009, when he agreed to sell the Canadiens, the Bell Centre, and the entertainment group to a consortium led by Geoff Molson for a reported $575 million. The transaction received formal approval from the NHL board of governors in December 2009. Sportsnet notes that the exit from Montreal helped finance Gillett’s acquisition of English soccer giants Liverpool FC alongside partner Tom Hicks.
The English Premier League venture proved turbulent. Gillett and Hicks bought Liverpool in 2007 for roughly US$337 million, but fan pressure and financial strain forced a sale three years later. By contrast, Gillett’s foundational work in Montreal left the franchise on solid footing. When Forbes published its NHL valuations last December, the Canadiens ranked third in the league at US$3.4 billion, trailing only the Toronto Maple Leafs and the New York Rangers.
Community Impact and Hockey Legacy
Born on October 22, 1938, in Racine, Wisconsin, Gillett had built a career managing ski resorts and sports franchises, including stints with the NFL’s Miami Dolphins and the Harlem Globetrotters through his portfolio firm, Brook Creek Management Corp. Despite being an American outsider taking over an iconic Canadian institution, he immersed himself in local culture. He insisted colleagues call him George rather than Mr. Gillett.
Montreal legend Jean Béliveau took the new owner under his wing to teach him the history of the Original Six club. In a 2018 interview, Gillett praised key personnel like Bob Gainey, Serge Savard, Pierre Boivin, Julien BriseBois, Trevor Timmins, and Donald Beauchamp for their loyalty and expertise.
Did you know?
When George Gillett Jr. bought the Canadiens in 2001, he recalled feeling a “substantial degree of fear” because he did not know how an American owner would be received by the passionate Montreal fanbase.
NHL commissioner Gary Bettman praised Gillett’s stewardship in a statement released Wednesday, noting his leadership through preparations for the franchise’s historic Centennial Celebration. Current owner Geoff Molson also offered tributes, stating that Gillett was deeply appreciated by everyone within the organization for his dedication to the community.
Frequently Asked Questions
When did George Gillett Jr. own the Montreal Canadiens?
Gillett owned a majority stake in the Canadiens from January 2001 until selling the team to Geoff Molson’s consortium in 2009.
How much did Gillett buy the team for in 2001?
He purchased the Canadiens and the arena then known as the Molson Centre for $275 million.
What other sports teams did George Gillett own?
Alongside the Canadiens, Gillett held ownership stakes in English soccer club Liverpool FC, the NFL’s Miami Dolphins, and the Harlem Globetrotters.
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