The Toronto Maple Leafs and Quebec City Canadiens have agreed to pay out $7 million in bonuses to three new co‑owners of the team, which was founded in 2012 by former NHL star Bobby Orr.
The four owners will each receive a $1 million signing bonus, and the other two will receive $250,000 in annual cash bonuses, according to the league.
Orr will also receive $50,000 for each season he plays for the Canadiens, and a $50 million payout if he signs a contract extension before the end of next season.
The deal is worth $8 million to the Maple Leafs, $6 million to Montreal and $5 million to Ottawa.
The $7-million bonus comes after the league awarded $2.5 million in 2015 to Orr and the Canadiens to help pay for the expansion team’s first season in Quebec City.
“The players and their families deserve a better deal,” NHL executive vice-president Bill Daly said in a statement.
“We’re grateful to Orrin for taking on a leadership role to build a winning team and a city for the fans.”
The Montreal Canadiens are expected to announce their first full-time head coach in January.
The Canadiens, the No. 1 seed in the Eastern Conference, lost their first game of the season on Wednesday to the Pittsburgh Penguins, 4-2.
The Habs also lost their second straight game, a 3-2 defeat to the Washington Capitals on Thursday.