Throughout my career, I’ve tackled academic exercises like developing an “Internet Valuation Model” in early 2000s when most analysts could not make sense of valuations of dot com businesses (the IVM model attributed a Price/Pageview, Price/Unique etc. multiple akin to P/E or P/S ratios used otherwise) or what Wikipedia would be worth if it were publicly traded. When I looked at what it would take to restore the Montreal Expos, I created a series of valuation and funding models without any taxpayer funding, which led to the creation of three vehicles – Franchise Inc., Stadium Inc., District Inc. – which may end up as the eventual model. When fans ask me about other items like the CF Montreal, I share my thinking and models more as academic exercises as I have throughout my career. I have never pretended to be a billionaire; even with the Peanut Project, I have maintained that I am serving as an analyst, agent, investment banker and architect bringing together the items required to pull it off. When I discussed the NBA – a sport I played as a youth and watched in the days of Magic Johnson, Larry Bird, before tuning out when I started WatchMojo, again people are quick to dismiss the possibility as madness, given the price tag attached. I am hereby sharing a model more for educational purposes, to show that if you take the time to break down the problem, it is not as impossible as it may seem.
One franchise. One controlling anchor. A consortium of Québec and Canadian capital, institutional investors, and strategic partners.
I’d use a single 25% / 30% / 30% / 15% capitalization model, with actual prospective investor names attached to each tranche.
The central idea is to combine a financially credible anchor, Canadian and Québec family wealth, sports-specialist private equity, and strategic investors with direct commercial synergies.
And I would make Geoff Molson / Groupe CH an important part of the proposal, given the assumption that the NBA franchise initially plays at the Bell Centre. I have alluded to other possibilities, like converting the historic Montreal Forum into a basketball-centric venue, or inviting the NBA to join us at the eventual site of the future home of the Expos at the likely location, Carrie Derick/A10, at 4C: the Creative Cultural Commercial Campus.
Proposed investor syndicate
All allocations below are illustrative targets, not investment commitments, expressions of interest or confirmations of NBA eligibility. Amounts in USD. This is a useful target map, not yet a financeable syndicate. Several allocations would represent very large concentrations relative to the individuals’ wealth or available liquidity. But the reality is you can also swap out most of these line items with others.
| Investor / candidate | Stake | Investment |
|---|---|---|
| Controlling anchor — David Thomson / Woodbridge, | 25% | $2.50B |
| Alain Bouchard & Jacques D’Amours (Alimentation Couche Tard) | 8% | $800M |
| Saputo family | 6% | $600M |
| Andrew Lutfy / family investment vehicles | 6% | $600M |
| Serge Godin / investment vehicles | 5% | $500M |
| Lawrence Stroll / family investment vehicles | 5% | $500M |
| Private equity — Arctos | 15% | $1.50B |
| Private equity — Sixth Street | 15% | $1.50B |
| Groupe CH / Geoff Molson-led vehicle | 5% | $500M |
| BCE / Bell Media | 5% | $500M |
| Québecor / Péladeau-related vehicle | 5% | $500M |
| Total | 100% | $10.00B |
The private-equity structure is particularly important: I would not assume the NBA permits two 15% fund investments, a 30% aggregate PE allocation, or every listed strategic investor outside its institutional ownership limits. Those are structuring assumptions requiring NBA confirmation.
Groupe CH as Pillar
Groupe CH owns the Bell Centre and operates major sports and entertainment properties. Geoff Molson and France Margaret Bélanger also joined the Toronto Tempo WNBA ownership group in 2025, establishing a direct basketball ownership connection.
I’d structure the Groupe CH relationship around three elements:
- Equity: An illustrative 5% stake, funded through an appropriate Molson-led or Groupe CH-affiliated investment vehicle.
- Venue: A long-term Bell Centre lease or operating agreement, subject to scheduling, NBA standards, commercial terms and necessary modifications.
- Commercial integration: Shared ticketing capabilities, premium hospitality, sponsorship sales, event operations and potential media partnerships.
A critical distinction: Groupe CH does not need to invest US$500 million for Montréal to benefit from its arena and operating expertise. The equity and venue agreements could be negotiated separately. A smaller investment alongside a commercially attractive lease might be considerably more achievable.
There’s also a historical precedent for the broader approach. The consortium that acquired the Canadiens and Bell Centre in 2009 included the Molson family, BCE, Woodbridge, the Fonds de solidarité FTQ and National Bank-related interests.
FOR THE AVOIDANCE OF DOUBT
I am only sharing this one time and moving on as some say “impossible,” but it is actually just improbable, as each party’s objectives may differ from a common goal. But when there is a will, there is a way. Last week, in my own efforts to restore the Expos, an investor asked me about other opportunities. When I asked a local investor banker to introduce me to the NBA, I was rebuffed, so as I move on, I wanted to share this in the event these parties wanted to pursue it.
All subject to NBA’s interest to come to Montreal, and the parties listed’ willingness to collaborate with one another.
Mike off. Back to Expos.