LIVERPOOL FC co-owner George Gillett is considering selling his Montreal Canadiens ice hockey team – in a possible bid to strengthen his position at Anfield.

North-American based BMO Capital Markets have been hired to take stock of Gillett’s assets, and is considering anything from a restructuring of his interests to a sell-off.

“The process has been started but we’re only at the beginning,” said Canadiens team president Pierre Boivin yesterday.

The looming expiry of the £350m debt which Gillett and fellow American Tom Hicks have on LFC is thought to be a major factor in the decision.

The pair are unlikely to be able to re-finance the entirety of that debt with Royal Bank of Scotland and US bank Wachovia.

So far, they have not found a buyer willing to meet their £500m price tag for LFC.

With the expiry of the debt in four months’ time, the pair face a race against time which could see them being forced to sell at a knockdown price, or injecting more of their own cash into the club.

Selling the Canadiens could free up funds to help Gillett buy time before deciding what to do with his LFC interests.

According to US business website Forbes.com the Canadiens are worth $334m (£230m), but it has debts worth 72% of that amount.

Gillett is understood to have previously wanted $400m (£275m) for the NHL team, so the sale could net him between £65m and £77m.

The Gillett family has retained four groups of financial advisers in Europe, the United States and Canada to review strategies for its assets, Boivin said.

Assets include the Bell Centre, where the Canadiens play, a NASCAR team and the promoter Gillett Entertainment Group.