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.

Molson decided to sell the Canadiens, currently one of the worst performing teams in the National Hockey League, claiming it needed "to return to its brewing roots" and provide shareholders "with a full return on their investment."