George N. Gillett Jr.

George Nield Gillett Jr.
George Nield Gillett Jr.
Born	October 22, 1938 (age 88); Wisconsin, United States
Occupation	Entrepreneur
Known for	Ownership of Montreal Canadiens, Liverpool F.C., and various business ventures

George Nield Gillett Jr. (born October 22, 1938) is an American entrepreneur originally from Wisconsin, currently living in Vail, Colorado.

Biography

Gillett completed his education at Lake Forest Academy in 1956, pursued studies at Amherst College, and obtained a degree from Dominican College of Racine in 1961. His professional journey started at Crown Zellerbach as a regional sales manager. During the 1960s, he engaged in marketing and consulting roles with McKinsey & Co. A devoted sports fan, by 1966 he became business manager and partner of the Miami Dolphins, acquiring a 20% ownership for $1 million and selling it two years later for $3 million. The funds were then used to purchase the struggling Harlem Globetrotters, which he revitalized through strategic marketing and by establishing Globetrotters Communications, a syndicated radio network.

In 1978, Gillett purchased Packerland Packing Co. and subsequently expanded into the media sector by founding Gillett Communications Company. Beginning with three small television stations in 1979, he acquired Nashville's WSMV in 1982 and in 1984 purchased Post Corporation's portfolio of eight TV stations and 22 newspapers; the non-broadcast properties were later divested. In 1986, he added two Baltimore television stations from A.S. Abell after its acquisition by Times Mirror Company.

In 1985, Gillett took ownership of Vail Associates' ski resorts, including Vail and Beaver Creek, investing heavily in infrastructure such as high-speed chairlifts and supporting major alpine competitions like the World Alpine Ski Championships held in 1989 and 1999.

By April 1987, Gillett secured majority control over the television assets of Storer Communications from Kohlberg Kravis Roberts (KKR), valuing the company at almost fifteen times its cash flow. KKR retained a 45% minority share. To meet regulatory requirements, Gillett divested his existing stations to Busse Broadcasting, an entity formed by his employees. The acquisition was financed through junk bonds arranged by KKR prior to Black Monday (1987), resulting in substantial debt with a leverage ratio of ten to one relative to profits. Speculation arose about potential station sales and Gillett’s interest in acquiring the Seattle Seahawks.

In early 1989, Gillett sold WSMV, temporarily improving financial conditions; however, missed loan payments later that year led creditors to initiate involuntary bankruptcy proceedings against SCI Television. SCI proposed a debt-for-equity exchange approved by Delaware courts, reducing Gillett’s ownership stake to 41% and KKR’s to 15%, while bondholders received a 39% share. Additionally, KKR canceled a $190 million debit note on SCI.

Financial challenges continued as debt payments were missed again by August 1990, causing credit rating downgrades. Attempts to sell WMAR-TV in Baltimore initially failed but were eventually successful with Scripps-Howard. The early 1990s recession further pressured station revenues amid falling valuations. Facing lawsuits from creditors such as Apollo Partners and Fidelity Investments, Gillett Holdings filed for Chapter 11 bankruptcy protection in July 1991. After restructuring completed in January 1992, Gillett became a minority shareholder but maintained operational control.

Investor Ronald Perelman, known for corporate takeovers including Revlon and Marvel Entertainment, gained majority ownership of SCI Television on February 17, 1993. Through a bankruptcy court-approved plan, Perelman’s MacAndrews & Forbes invested $100 million for a 53% stake in SCI, which carried $1.3 billion of debt. This acquisition included WTVT in Tampa, Florida. Following the purchase, SCI was merged into Perelman’s New World Entertainment and rebranded as New World Communications.

Post-junk bond ventures

Following Vail's debut on the NYSE, Gillett exited with $32.1 million, which he utilized to revive his business ventures. In 1995, through Booth Creek Management Corp.—an entity established to oversee the Gillett family’s acquisitions and holdings—he reacquired Packerland, assuming the role of chairman.

The year 1996 saw the establishment of Booth Creek Ski Holdings Inc., through which Gillett procured and enhanced ski resorts located in New Hampshire, California, Washington, and Wyoming. Subsequently, he expanded his portfolio by obtaining Grand Targhee Ski and Summer Resort along with multiple golf courses. Booth Creek continues to operate Sierra-at-Tahoe.

Beginning in 1997, Gillett broadened his footprint in the meat sector by developing Corporate Brand Foods America, which incorporated brands such as ITC, Iowa Ham, Jordan Meats, and Wright Bacon. This enterprise was acquired by IBP for $550 million in 1999.

In collaboration with Hicks, Muse, Tate & Furst, Gillett purchased ConAgra’s beef division—Swift & Company—for $1.4 billion in 2000. Later, on July 12, 2007, JBS S.A., South America's leading beef processor, acquired Swift & Company for $1.5 billion in cash, forming the largest global beef processing organization.

Gillett’s portfolio in the meat industry also encompassed:

Petaluma Poultry – specializing in natural and organic chicken products
Snowball Foods – focused on turkey and chicken processing
Kings Delight – engaged in turkey and chicken processing
B3R Country Meats – offering fresh and frozen natural beef
Coleman Natural Products – providing fresh and frozen natural pork and lamb
Gerhard's Napa Valley Sausage – producing gourmet poultry sausage items

Sports holdings in North America

In 2000, Gillett teamed up with Pat Bowlen and John Elway to attempt acquiring the Denver Nuggets, Colorado Avalanche, and the Pepsi Center, though this effort was unsuccessful. On January 2, 2001, he secured an 80% ownership stake in the Montreal Canadiens along with their venue, the Molson Centre, for US$185 million. Prior to this acquisition, Gillett had expressed interest in several NHL franchises including the Florida Panthers, New York Islanders, Ottawa Senators, and Phoenix Coyotes. His purchase initially raised concerns about relocating the NHL’s oldest team to the United States; however, with no more competitive Canadian offers forthcoming, Molson accepted Gillett’s proposal while retaining a right of first refusal should he decide to sell.

On August 6, 2007, Gillett gained majority ownership of NASCAR’s Evernham Motorsports from its founder Ray Evernham, resulting in the formation of Gillett Evernham Motorsports. This team merged with Petty Enterprises in January 2009 to create Richard Petty Motorsports. Gillett exited his investment following the conclusion of the 2010 season.

On March 27, 2008, Joey Saputo, chairman of USL’s Montreal Impact, revealed ongoing talks with Gillett and Major League Soccer regarding launching an MLS franchise in Montreal. Despite submitting a joint proposal led by Saputo and Gillett, financial difficulties caused the bid to be withdrawn on November 22, 2008.

On June 20, 2009, it was announced that Gillett sold the Montreal Canadiens, the Bell Centre, and his Canadian sports and entertainment enterprise—Gillett Entertainment Group—to the Molson brothers for approximately C$550 million. The deal was finalized on December 1, 2009.

Liverpool F.C.

Beginning in October 2006, George Gillett and fellow American Tom Hicks initiated efforts to acquire Liverpool F.C. Following the withdrawal of Dubai International Capital in early 2007, Gillett and Hicks reached an agreement to purchase the club for approximately £435 million—comprising £220 million to buy out existing shareholders (including £44.8 million of debt) and £215 million allocated for a planned new stadium at Stanley Park. The club’s board gave a unanimous recommendation to approve the deal.

By January 2008, supporters had organized protests directed at Gillett and Hicks, demanding they sell the club to Dubai International Capital (DIC). Reports indicated a falling out between Gillett and Hicks, with Gillett agreeing in March 2008 to transfer 98% of his shares to DIC; however, Hicks obstructed this transaction. The owners’ relationship worsened amid growing fan dissatisfaction, with Gillett revealing he had received death threats targeting his family. These internal disputes negatively impacted club operations, including deteriorating relations with then-manager Rafael Benítez, who was ultimately dismissed in June 2010 following an underwhelming season.

On October 15, 2010, ownership passed from Gillett when Liverpool was sold to New England Sports Ventures (NESV) for around £300 million—significantly less than Gillett’s valuation range of £600 million to £1 billion. Subsequently, Mill Financial filed a $117 million lawsuit against Gillett; the firm had refinanced loans originally used by Gillett and Hicks to purchase Liverpool shares. Their failure to stop the Royal Bank of Scotland from selling the club to NESV effectively ended their control. At the same time, financial troubles also emerged within Gillett’s Richard Petty Motorsports operation.

In January 2013, Hicks and Gillett withdrew their lawsuits against Liverpool’s directors and NESV concerning the sale; the settlement terms remained confidential with no disclosed payments. As of 2016, Gillett continued servicing an annual interest payment of £1.5 million to Mill Financial on a £50 million loan linked to his unsuccessful Liverpool investment.

Other interests

Gillett’s previous business ventures have included:

Northland Services Inc. – specializing in marine transportation
Great Northern Bark and Sierra Organics – providers of landscaping and gardening supplies

His current business activities involve:

Summit Automotive Partners – a network of automobile dealerships

External links