Montreal, QC -- (Sports Network) - Current Montreal Canadiens owner George Gillett, Jr. has reached an agreement in principle with the Molson family to sell the club back to the renowned brewing giants.

The announcement was made on Saturday that Gillett will sell his majority stake in the Canadiens and their home arena, the Bell Centre. A news conference will be held as soon as the details of the agreement are finalized.

"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 in a statement. "I am fully confident that the Molson brothers, who have been a great part of the heritage of the club, will ensure the preservation and development of this great sports institution."

The Montreal Gazette quoted a report from French-language channel RDS that the sale will be completed for over $500 million.

Gillett had purchased an 80.1 percent stake in the storied franchise as well as a 100 percent share on what was then called the Molson Centre on January 31, 2001, but with a promise that the American-born businessman would not move the team.

Molson Breweries of Canada, Ltd. had been the owners of the NHL's longest- tenured team since August, 1978 until Gillett's successful bid. The Molson family also owned the team from 1957 until 1971.

"This is an 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 Geoff Molson, family spokesperson.

Finalizing the terms of the sale are contingent upon approval by the league's Board of Governors, which is not expected to happen until late August.

Despite a restocked roster with some bona-fide talent from the province of Quebec, the Canadiens stumbled in their 100th season to a 41-30-11 record and a first-round playoff exit in a four-game sweep to bitter rival Boston.