Liverpool's finances are set to be secured with George Gillett selling ice hockey giants Montreal Canadiens.

Reds owner Gillett and partner Tom Hicks have been struggling to meet payments on a £350million debt incurred as part of their 2007 Anfield takeover.

But Gillett is selling ice hockey giants Montreal Canadiens to the brewers Molson for £340m - almost exactly double the price he paid them for an 80 per cent share in 2001.

News of his £178m profit comes just two weeks after Liverpool's accountants warned of "significant doubt" over repayments due on July 24 and defender Jamie Carragher said he feared key players could be sold.

There could be further good news for the Reds now though as Hicks is hoping to sell off his Texas Rangers baseball team and make a £97m profit.