George Gillett Jr. on Wednesday said he does not foresee selling any of his assets in the near future.
Gillett, who spoke about the global state of sports as part of the international SportAccord conference, said he refused to dignify questions about reports that he is reviewing his assets or may sell, calling them inaccurate. Gillett owns the National Hockey League’s Montreal Canadiens, Liverpool FC soccer team and Richard Petty Motorsports.
“We were doing some estate planning and doing a review,” he said. “Estate planning is private and as off the record as you can get. I find this impolite and offensive.”
It is unlikely there will be any sale of assets, but there may be recapitalizations or new partnerships, he said.
“I know it affects assets we all know and love, but these businesses are in great financial shape,” he said.
Gillett said he would not have accepted the invitation to speak at SportAccord if he had known the rumors that would surround his talk about sports and the economy.
He focused more on the industry, which he says will be affected by the economic downturn, starting with baseball, though the industry will not be as badly hurt as some predict.
“Historically, entertainment is the last thing hit in a downturn and the first to come out of it,” he said.
The industry needs to give consumers more value, focus on fan development and reconnect with communities, he said. In addition, convincing sponsors to spend is key.
“Smart sponsors are increasing advertising spending in the sports world,” he said. “An economic downturn is the only time you can increase market share for less money and keep it.”
Elizabeth Aguilera: 303-954-1372 or eaguilera@denverpost.com
