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George Gillett

Paul Chiasson

A Montreal newspaper is reporting that Quebec's economic development agency will extend a $75-million loan to ensure the Molson family's purchase of the Montreal Canadiens.

According to La Presse, the sale of the NHL franchise has yet to be completed with only two weeks to go before training camp starts.

In June, the Molsons issued a statement saying they had an agreement in principal to purchase the storied NHL club from George Gillett.

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The transaction was expected to be completed by late August.

Earlier this summer, U.S. bank CIT, facing possible bankruptcy, pulled out of the roughly $225 loan commitment to help the Molson family purchase the team.

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