For the second time in the history of the Montreal Canadiens, Molson family members are majority owners of the franchise.

American businessman George Gillett choked up several times at a Laval golf clubThursday as he announced the sale of the franchise was going ahead. The transaction is still subject to approval by the National Hockey League.

Gillett told reporters that he enjoyed his time as Habs owner.

"There's nothing quite like it," he said with tears in his eyes. "Now the next generation is here and they are fully prepared and we couldn't be more enthusiastic."

Gillett also apologized to the fans for failing to bring the Stanley Cup back to Montreal during his eight years as team owner.

Final piece

Geoff Molson told the news conference that the financing is in place to complete the sale and all that remains are closing signatures and final league approval.

The last piece of the financing puzzle fell into place when Quebec's investment arm, Investissement Quebec, decided to contribute a $75 million loan to complete the sale to Geoff Molson and brothers Andrew and Justin.

The brothers will buy Molson-Coors' 19.9 per cent stake in the club but the brewery will remain as a Canadiens sponsor.

"Today's meeting is another step towards Molson family involvement with the (community) that's lasted more than 50 years," Geoff Molson told the news conference.

"We are really looking forward to starting this ... season."

Team President Pierre Boivin will stay on under the new ownership.

Terms

Geoff Molson refused to reveal the value of the acquisition but reports have said the Molson family will pay $633 million for Gillett's controlling stake in the franchise.

Under terms of the deal, the Molsons will acquire Gillett's shares in the hockey club, the Bell Centre and the Gillett Entertainment Group.

Gillet bought his stake in the Canadiens and the Bell Centre in 2001, but decided to sell off some of his assets during the height of the recession.

History

The Molson family owned the Canadiens from 1954 to 1971, winning nine Stanley Cups during that time. The family then sold the franchise to the Bronfman distilling clan.

The Molson brewing company, now known as Molson-Coors, took over in 1978 but family members were not directly in charge of the team at that time. Molson's sold the club to Gillett in 2001.