The NHL's Montreal Canadiens will be sold to the Molson family, the renowned Canadian beer brewers.

Team owner George Gillett Jr. has reached an agreement in principle sell his majority stake in the Canadiens and their home arena, the Bell Centre.

"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 on the team's Web site.

Gillett, an American who made his money in communications, meat processing and sports enterprises, purchased an 80.1 percent stake in the franchise, as well as all of what was then called the Molson Centre, in 2001.

"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 Geoff Molson.

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