Peter Frederick Bronfman and his brother Edward Bronfman were the founders of Edper Investments, which was one of the largest investments companies in Canada. They acquired the Montréal Canadiens from the Molson brothers, John David Molson, William A. Molson and Peter B. Molson, on December 30, 1971. In the same deal, they also came to own everything connected to the Canadiens, including the arena, the Montreal Forum, and the AHL-affiliate, the Nova Scotia Voyageurs.

The Bronfmans were reluctant to sell their hockey assets, but eventually ended up selling everything except the arena on August 5, 1978. They sold their assets to Molson Breweries of Canada, the brewing company originally owned by the Molson family.