The NHL board of governors approved the Habs' sale to a group of investors led by Geoff Molson and his brothers, Andrew and Justin, on Tuesday. The NHL board of governors approved the Habs' sale to a group of investors led by Geoff Molson and his brothers, Andrew and Justin, on Tuesday. (Phillip MacCallum/Getty Images)

The Montreal Canadiens are officially back with the Molson family.

The NHL board of governors approved the Habs' sale to a group of investors led by Geoff Molson and his brothers, Andrew and Justin, on Tuesday.

Former owner George Gillett agreed to sell the storied club, along with the Bell Centre and his concert promotion company, to the investment group in late June. The group also includes BCE and the Woodbridge Group, which together control CTVglobemedia.

"I would like to thank the NHL governors for their support and I would also like to thank all those who have contributed to the success of this transaction," said Geoff Molson in a release.

Montreal Stock Exchange president Luc Bertrand and Hamilton businessman Michael Andlauer are also involved, along with the Quebec Labour Federation solidarity fund. Andlauer owns the Habs' AHL farm team in Hamilton.

Two-thirds of the partners in the group are based in Quebec.

The National Bank Financial Group is leading the banking syndicate, which includes the Desjardins Group and Scotiabank.

Geoff Molson will be the chairman and CEO of the team.

Financial details weren't disclosed, but the sale is reportedly worth $575 million US.

"This is a proud moment for my family and our partners in the transaction," stated Geoff Molson. "As owners, we will be right there with management and the team, building and battling toward our next Stanley Cup."

3rd time coming

It'll be the third time that the Molsons will own the Canadiens. The family first bought the Habs in 1957, when Senator Hartland Molson and his brother, Thomas, bought the club from Senator Donat Raymond.

Seven years later, they sold the club to cousins David, Peter and Bill Molson, who were in charge until 1971.

Molson Breweries then purchased the Canadiens in 1978 for $20 million US from a company controlled by Peter and Edward Bronfman. It owned 100 per cent until Gillett bought a controlling interest in 2001.

The approval comes right on the heels of the Habs' 100th-anniversary celebration on Friday, when Montreal hosts the Boston Bruins.

With files from The Canadian Press