QbGamer Posted July 29, 2009 Report Share Posted July 29, 2009 CHICAGO (Reuters) - CIT Group Inc, a 101-year-old lender fighting for survival, will not provide financing for the Molson family's deal to buy the Montreal Canadiens hockey team, a spokesman for the family said on Tuesday. The Molson family, which agreed in June to buy the Canadiens for almost $575 million, has lost CIT's backing, but "we have made arrangements with other financial institutions," family spokesman Luc Beauregard said. He declined to say what other firms would step in to replace CIT, but said the deal for the National Hockey League team, which has won 24 Stanley Cup championships, would not be delayed and is expected to close by the end of August. A spokesman for CIT could not be reached to comment. The Sports Business Journal previously reported that CIT had pulled out of a $225 million loan commitment to help the Molson family. CIT, which lends to hundreds of thousands of small and medium-sized firms including the NHL and other sports teams, is trying to restructure its balance sheet and has said it could still file for bankruptcy. In addition to the Molson family's deal to buy the Canadiens, CIT has loaned money or arranged financing over the last few years for NHL teams in Edmonton, Ottawa, New Jersey, Nashville, Tennessee, and Dallas. (Reporting by Ben Klayman; editing by Carol Bishopric http://ca.news.yahoo.com/s/reuters/090729/...s_cit_canadiens Link to comment Share on other sites More sharing options...
Guest olddude Posted July 29, 2009 Report Share Posted July 29, 2009 Not much to say here, they say all is OK and still on track. Link to comment Share on other sites More sharing options...
RSD Posted July 29, 2009 Report Share Posted July 29, 2009 phew!! had me worried for a second that the deal fell through...oh boy... Link to comment Share on other sites More sharing options...
Rocket-1 Posted July 29, 2009 Report Share Posted July 29, 2009 Since it doesn't change anything at all, i don't understand why were talking about it. Link to comment Share on other sites More sharing options...
haberry Posted July 29, 2009 Report Share Posted July 29, 2009 We talk about everything here. We are still talking about Christobal Huet for pete's sake! Link to comment Share on other sites More sharing options...
Stajan1 Posted July 29, 2009 Report Share Posted July 29, 2009 We talk about everything here. We are still talking about Christobal Huet for pete's sake! its called denial, some people have it. Link to comment Share on other sites More sharing options...
darren19 Posted July 29, 2009 Report Share Posted July 29, 2009 its called denial, some people have it. Isn't that a river in Egypt? Link to comment Share on other sites More sharing options...
Stajan1 Posted July 29, 2009 Report Share Posted July 29, 2009 ta-dum-tss! *claps for Bobineau* Link to comment Share on other sites More sharing options...
The-Anti-Senator Posted July 30, 2009 Report Share Posted July 30, 2009 Isn't that a river in Egypt? Ahhh shucks!! He beat me to it!! Link to comment Share on other sites More sharing options...
Larry-Launstein-Jr Posted July 30, 2009 Report Share Posted July 30, 2009 No, it's a bridge in Brooklyn. Link to comment Share on other sites More sharing options...
FlHabsFan Posted July 31, 2009 Report Share Posted July 31, 2009 No, it's a bridge in Brooklyn. Im willing that bridge to you. Link to comment Share on other sites More sharing options...
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