Liverpool co-owner George Gillett has agreed to sell NHL side Montreal Canadiens in a deal believed to be worth around £330 million.

Reuters Canada reports that Gillett will sell the Canadiens to the Molson family in a deal that could have ramifications for the Reds.

"Our family has been very proud to be associated with the Montreal Canadiens over the past eight years,” Reuters quotes Gillett as saying in a statement.

“I am fully confident that the Molson brothers, who have been a great part of the heritage of the club, will ensure the preservation and development of this great sports institution.”

The sale must now be officially approved by the NHL but is expected to be completed by the end of August.

Quite what impact this has on Liverpool remains to be seen, but it is believed that finances are an issue on Merseyside.

Manager Rafael Benitez has insisted he has money to spend this summer and has been linked with moves for Glen Johnson and David Silva.

However, it has also been claimed that the Spaniard must sell before he can buy, meaning that players such as Andrea Dossena, Alvaro Arbeloa, Xabi Alonso, Javier Mascherano and Albert Riera have all been linked with Anfield exits.

The Merseysiders are not believed to have the funds to compete with the likes of Manchester United, Chelsea and Real Madrid in the transfer market, although whether that may change in the light of today’s news remains to be seen.

Our debt will be cleared by next year....both our owners are selling off their other assets to wipe the debt clear but it wont happen this year but they will get an extension and then wipe it off.

source about their franchises apart from pool being in debt?

nothing comes up, all that comes up is the debt at pool

are you sure you aint mistaken?

Uncertainty will continue to surround Liverpool's ability to be competitive in the transfer market while the club's finances remain a concern. Hicks and Gillett have been scouring the globe to find investors keen on putting money into the club but have so far had no success.

It is not Hicks's only problem - he has said he is prepared to sell a majority shareholding in his Texas Rangers baseball team after the Hicks Sports Group in April defaulted on £325m ($525m) in loans relating to that team and his Dallas Stars ice hockey side.

Sean Hamil, a lecturer at the University of London's Birkbeck Sport Business Centre, said: "Any company, never mind a sports company, which is not able to cover interest from operating activities has three options: refinance, get new equity investors, or sell it to somebody else who's prepared to absorb the debt and start from scratch."

i cant see us getting much of the money

i forgot i had the earlier one

still leaves about 200m to clear his liverpool debt...remember he wanted to sell his share to dic but hicks blocked it, if he proves to the banks he has the money to pay off his debt (since it is done as 50-50) then hicks could be forced to sell his shares which he refused to sell to dic in the pass with gillette wanted to