George Gillett, co-owner of Liverpool Football Club (LFC), has agreed a deal in principle to sell his majority shareholding in the National Hockey League (NHL) club, Montreal Canadiens.

The deal, which also includes ownership of the Bell Centre arena in Montreal, Canada, and the Gillett Entertainment Group, is expected to be completed in August subject to the approval of the NHL's board of governors. It is anticipated that the deal will help Gillett to relieve financial pressures at LFC, after it was reported that the Premier League club's parent company, Kop Holdings, made a loss of nearly £43m in the year to August 2008.

Earlier this month, the Guardian newspaper reported that Gillett, along with fellow co-owner Tom Hicks, have until 24 July to re-finance existing credit deals worth £350m.