Gillett Made $1 Million Profit per Habs Game!

Contrary to the numbers being bandied about, George Gillett made a lot more money on the sale of the Montreal Canadiens than observed in the media.

Gillett purchased the team for $275 million, but only made a down payment between $10-$80 million dollars. the rest was borrowed from the seller (Molson-Coors) and the Caisse de Depot.

The funds borrowed were all paid back over the course of the 8 years that he owned the team and just like a paid off mortgage on your home, the equity is recouped on an eventual sale.

It's unclear if Gillett paid himself back his original investment, but it seems highly likely, considering his tight financial situation and the fact that last year, he borrowed against the team's assets because he needed the cash. Between what he took out on the re-fi and the money he'll clear in the sale, Gillett will clear well over $500 million on the sale. WOW!

Over the period of his ownership, the Canadiens played about 600 regular season games. Calculating the sale price and adding in some yearly profit, it's safe to say that Gillett made about a $1 million for every single regular season game played!