It appears that hockey’s most storied franchise has been sold.

Burnside and LeBrun of ESPN.com are reporting that George Gillett has agreed in principle to sell the Montreal Canadians and Bell Centre to the Molson Family for $550 million (U.S.), but that the final figure could be in excess of that.

The deal will need approval by the NHL’s Board of Governors. Before that can occur, the league will conduct their due diligence and be voted on by the board. A three-quarters majority of the BOG must approve any majority sale transfer (see NHL Constitution for details).

As reported by ESPN, Commissioner Gary Bettman addressed the sale process during the NHL’s summer meetings in Las Vegas this past week, and acknowledged having heard about the Molson family's agreement to buy the Canadiens.

Asked about the Molson family, Bettman said: "I think to the extent that they've been able to find people who are obviously passionate about the game and structure a transaction that makes sense for everybody, that's a real plus for the franchise and the fans in Montreal."

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