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NHL approves sale of Canadiens

George Gillett, left, pauses to compose himself after announcing the sale of the Montreal Canadiens in September. Geoff Molson, the head of the new ownership group, looks on during a news conference before the team's celebrity golf tournament.

Ryan Remiorz/Ryan Remiorz/CP

The NHL board of governors has approved the sale of the Montreal Canadiens to the Molson family.

Geoff Molson and his brothers Andrew and Justin are the lead investors in a group that is paying a reported $575-million (U.S.) for the storied franchise.

George Gillett put the team up for sale in the spring.

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Geoff Molson will be chairman and chief executive officer.

The sale includes the team, the arena and Gillett Entertainment Group, a concert promotion company.

The announcement comes on the eve of the Canadiens' 100-year anniversary.

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