The Montreal Canadiens are returning to familiar hands.

George Gillett has reached an agreement in principle to sell the storied hockey franchise and the Bell Centre to the Molson family, the National Hockey League team announced Saturday.

A news conference will be held when the deal is finalized following approval by the league's board of governors. The vote is expected in late August.

In a statement released by the Canadiens, Gillett said he was pleased to return the ownership of the Canadiens to the Molson family, which has been associated with the team for more than three generations.

"Our family has been very proud to be associated with the Montreal Canadiens over the past eight years and particularly to be a part of their centennial season," Gillett said. "I am fully confident that the Molson brothers … will ensure the preservation and development of this great sports institution."

NHL commissioner Gary Bettman tentatively confirmed the deal when asked about it while in Las Vegas.

"That's what I heard, subject to board approval," Bettman said, adding he thinks the deal is a positive step forward for the franchise.

"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."

Geoff Molson said he, along with his brothers Andrew and Justin, would endeavour to maintain the tradition of the Canadiens while working with general manager Bob Gainey to ice the strongest team possible.

"This is a very exciting time for our family and we are grateful to the many people and organizations who came forward to offer their collaboration in the development of our proposal," said Mr. Molson.

Citing an unidentified source, La Presse in Montreal reported the sale price is well over $500 million.

Former Habs player and general manager Serge Savard will reportedly have an important role with the team, the newspaper stated, possibly as an investor.

The Molson family owned the team from 1957-71 and Molson Breweries re-acquired the club for $20 million in 1978. The brewery then sold the team and its arena, the Bell Centre, to Gillett in 2001. Now known as Molson-Coors, the company stayed on as a minority owner of the club, with a 19.9 per cent share, while Gillett owned 80.1 per cent before the sale reported Saturday.

The Molson brothers announced they had fielded an offer for the team and arena on June 11.

Geoff Molson is on the team's board of directors, but he withdrew from its activities during the sale process.

The Molson family was among several groups vying to buy the Canadiens, including Quebecor, the Solidarity Fund of the Quebec Federation of Labour, and others.

"I know we had two or three very prominent and impressive groups that were bidding for the team," Paul Kelly, head of the NHL Players' Association, said in Las Vegas.

"I know that the purchase price got up there in numbers that are well above all of our pay grades. That's a great franchise and a great city."

Kelly added, "Mr. Gillett was really a fine owner. "We will miss him in the National Hockey League. I thought he brought a lot of creativity and ingenuity and colour to the sport."