Molson has announced it will sell 80% of the Montreal Canadiens hockey team and the Molson Centre venue to American businessman, George N. Gillett Jr. for a total of $275m (CND). Molson, has owned the team for 40 years and its marketing in Canada has benefited from the association. It will retain a 20% stake in the hockey team and will receive a total of $190m (CND) in cash. A condition of the sale was to ensure the team remains in the city.