The Aquilini group, owned by Vancouver businessmen Francesco, Roberto and Paolo Aquilini, originally purchased 50 per cent of the Canucks and the arena from McCaw in November of 2004.
"Today's announcement is exciting for our family and we are proud that we will be the 100 per cent owners of this great franchise and world class facility," Francesco Aquilini, the managing director of the Aquilini Investment Group, said in a release.
"The business of hockey in Vancouver is very strong now and John McCaw deserves credit for that."
McCaw, a reclusive figure who rarely addresses the media, became the Canucks majority owner in November of 1996.
"Owning the Canucks has been an honour and I am proud of the work the organization has done in Vancouver over the years," McCaw said in a release. "I am confident that the business is in a very strong position moving forward.
"I know I am leaving the team in good hands."
The transaction between the Aquilini Investment Group and McCaw is expected to close early in 2007. The sale is subject to NHL approval.
The Aquilini Investment Group is a multifaceted family business, which was founded by Luigi Aquilini almost 50 years ago. The company, whose head office is in Vancouver, has real estate holdings and operating entities located in almost all major cities across Canada.