George Gillett Jr., former Montreal Canadiens owner, dies at 87

George Gillett Jr., who bought the Montreal Canadiens and their arena for $275 million on January 31, 2001, and sold the franchise to the Molson family nine years later, has died at age 87, the Canadiens announced on September 23. No cause of death was given.

Gillett's acquisition of the Canadiens came with $140 million in loans from two banks and the Caisse de depot et placement du Quebec, the province's pension fund manager. He held the majority stake until agreeing to sell the team and arena on June 20, 2009; the NHL's board of governors approved the sale in December 2009.

During his tenure, Gillett steered the franchise through preparations for the Canadiens' centennial celebration, which marked the team's rich legacy in the league. NHL Commissioner Gary Bettman said in a statement that Gillett's "passion for the Montreal Canadiens and commitment to the city of Montreal were demonstrated throughout his tenure as owner of the storied franchise from 2001 to 2009."

Canadiens owner, president and chief executive officer Geoff Molson said Gillett "immersed himself in the Montreal community and was appreciated by everyone in the organization."

Gillett, born on October 22, 1938, in Racine, Wisconsin, rose to prominence as the founder of Brook Creek Management Corp., a portfolio management firm. Along with fellow American Tom Hicks, he owned Liverpool FC from 2007 to 2010, marking his venture into English soccer during a period that overlapped with his later years as Canadiens owner.