Want to Buy a Pair of Legends? Montreal Canadiens and Liverpool on the Block

The latest victim of the global financial financial crisis happens to have financial interests in two of professional sports most legendary professional franchises, neither of which are located in his home country.

Colorado businessman George Gillet, Jr., owner of the Montreal Canadiens and 50 percent of Liverpool F.C. has retained a Canadian investment bank to advise him on the restructuring or sale of his interests in the franchises.

Effectively, that means the Canadiens are for sale, as is likely his interest in Liverpool.

There should be no shortage of potential buyers for the legendary NHL franchise now celebrating its centennial season. While the number of potential buyers may be large, and the Toronto Globe and Mail has identified a few of the most likely contenders, including Cirque de Soleil founder Guy Laliberte, Celine Dion and the ever interested Jim Balsillie, the probable price tag could prove problematic.

Forbes estimates the Canadiens to be worth $334 million, but that was last fall and I would think that values have decreased since then.

No franchises have changed hands since Forbes put out their latest value estimates, but several franchises are for sale and have been on the block for some time with no deals being struck. The environment is not very conducive to making a deal, unless the seller is extremely motivated.

Given Gillett's past history of highly-leveraged business transactions, he very well may be an extraordinarily motivated seller. In other words, if his creditors have called his loans and he is looking at bankruptcy again, the Canadiens may be available for a song.

Liverpool presents a somewhat different situation. His co-owner, Tom Hicks, the owner of the Dallas Stars, with whom he has been feuding almost since the purchase agreement was signed, is the logical buyer, but Hicks may not be in a position to buy the interest or may not want to incur the additional debt necessary to make the deal.

He will, however, be very interested in who does and would likely be the most effective investment banker Gillett could ever hope to have.