Montreal, QC -- (Sports Network) - The sale of the Montreal Canadiens to the Molson family was approved by the NHL Board of Governors on Tuesday.

Former Montreal Canadiens owner George Gillett, Jr. reached an agreement in principle with the Molson family back in June to sell the club back to the renowned brewing giants. The transaction was completed after the approval and includes the Bell Centre and Gillett Entertainment Group.

"I would like to thank the NHL governors for their support and I would also like to thank all those who have contributed to the success of this transaction," said Geoff Molson, who leads the investor group.

When the sale was first announced, the Montreal Gazette quoted a report from French-language channel RDS that the sale price was 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.

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.

Currently, the Canadiens have a mark of 12-12-2 and sit 12th overall in the Eastern Conference.