Quebec's Caisse de depot et placement (CDP) pension fund has given American businessman George Gillet a C$140m (£63.6m) loan, which will allow him to complete his take-over of the Canadian ice hockey team, the Montreal Canadiens.
CDP's loan, made through its CDP Capital d'Amerique subsidiary, will enable Gillet to purchase an 80.1% controlling interest in the Canadiens and its stadium - the Molson Centre - in a C$275m (£125m) deal. As part of the deal, the team's current owner, brewing giant Molson, will retain a 19.1% minority stake, in addition to a 20 year sponsorship deal worth C$150m (£68.1m).
Additionally, Molson has given a guarantee to the C$125bn (£55.7bn) pension fund that if the terms and conditions of agreement are not met, then the brewer will resume control of the team. The deal is now subject to approval from the sport’s governing body, the National Hockey League.
By Geoffrey Ho
The Pension Protection Fund (PPF) has published contingency planning guidance for trustees to help them manage risk.
The trustees of the Autoenrolment.co.uk and Moore Stephens master trusts have been fined for "deficient" chair's statements after failed court action against The Pensions Regulator (TPR).
Henry Tapper shares his thoughts on how IGCs could provide value for money statements that people wanted to read