Katz bids to buy Oilers

[ExcaliburKid]

Never speculated that he would move them, I just voiced how I would feel should the Oilers ever ceased to be known as "Edmonton" Oilers.

[Coldrsx]

"
If anybody thinks Katz would move the Oilers you have been in the sun for way to long. "

ha

[liferanger]

I believe that having a guy like KATZ vs. EIG would provide some longer term planning in terms of team stability, a new arena etc. Although the EIG has been somewhat effective up to this point, it's hard to think of any organization with 20+ CEO's trying to agree or get a majority for a long period of time....

[CMD UW]

/\ True....

[JAH]

I give EIG lots of credit for all the work they've done.. b/c without them, I doubt the Oilers would be here today. But I do agree that having one owner is definitely an advantage over 37 owners.

[SHOFEAR]

Originally Posted by liferanger

I believe that having a guy like KATZ vs. EIG would provide some longer term planning in terms of team stability, a new arena etc. Although the EIG has been somewhat effective up to this point, it's hard to think of any organization with 20+ CEO's trying to agree or get a majority for a long period of time....

Like jah just somewhat pointed out, I don't think many in the EIG intended for it to be a long term solution. Their "mandate" was to get the Oilers to the next CBA and by spreading the cost out between 30 of them nobody would lose a shirt. It was never supposed to be a money maker. Now with Katz's offer the EIG members have the opportunity to move on and recoup damn near all their initial 60 some million dollars + whatever cash calls occured. Katz last reported offer would probably mean a profit for the EIG.

[ScottFromCalgary]

Oilers subject of ownership bid
Canadian Press

July 18, 2007 at 8:36 PM EDT

EDMONTON — An Edmonton billionaire who has tried twice before to buy the Edmonton Oilers has submitted a new proposal to buy the team.

Daryl Katz, owner of the Rexall Pharmacy chain, is believed to have put up more than $170 million.

Previous offers of $150 million and $145 million were made to the board of directors but were rejected.

This time, however, Katz has reportedly gone directly to shareholders with his bid.

All Katz needs is two-thirds of the votes for the sale to go through.

The Oilers are currently owned by 37 investors who bought the NHL team in 1998.

Katz is listed by Forbes magazine as the 486th richest man on the planet. Last year his net worth totalled $1.6 billion.

When Katz made his last offer in May, investors group chairman Cal Nichols insisted a sizable majority of the owners did not want to sell the team.

"There was more an appetite to stay," Nichols said at the time.

"This group has endured a lot of pain and agony and expense. It was more like, 'Surrender now?' There's brand attachment with a lot of the individual businesses and that's important here."

http://www.theglobeandmail.com/servl...ry/GlobeSports

[fortroad]

I really want him to get that team now, at least partial ownership would be good!

[Hardhatdan]

Sell sell sell.

[Kevin_foster]

Oh man they need to sell to Katz.

Big Edmonton Supporter, funding for a new arena, financial stability.... do it do it do it!

[JAH]

Katz has the perfect mullet hair to match too!

[Coldrsx]

healthiest team in the nhl....

[JAH]

^ HA! No more excuses about the flu running around the team anymore!

[JAH]

Anybody hear about the Katz press release just now? Apparently, he is very keen on helping develop a new arena downtown. AND Katz wants to work with the UofA and build a "world-class" hockey training/practice facility on campus that will "work for the benefit of hockey in western canada".

[Coldrsx]

^holy crap...im shopping at rexall from now on.

[jeffwhit]

EIG is going to have an uphill PR battle if they stall on this sale. While some of what Katz is suggesting seems a little too good to be true, I still think his ownership will do a lot to right that ship. The Oilers are hard to hate in their current state, which isn't how I like things.

[feepa]

dp... my bad

[feepa]

post

Originally Posted by Darryl Katz

There has been a lot of discussion in recent weeks about my interest in
acquiring the Edmonton Oilers. While it's not appropriate for me to discuss
the details of my offer publicly, I do want to share my reasons for wanting to
buy the team and try to address at least some of the questions Oilers' fans
and Edmontonians are asking.

The first point I want to make is that I have a lot of respect for Cal
Nichols and the Edmonton Investor Group. They did a great thing when they came
together to buy the team and keep it in Edmonton. They have maintained a real
community feeling ever since, and just over one year ago they came agonizingly
close to bringing the Cup back to Edmonton. As an Edmontonian and as a fan,
I'm grateful for everything they've done. As an owner, should that come to
pass, I intend to ensure their contribution is recognized and remembered.

At the same time, I know there are a number of people within the
ownership group who would like to exit their investment and pass the torch to
a new generation of leadership. I want to provide that leadership while
preserving the great Oiler traditions and maintaining a strong sense of
community.

I was born in Edmonton, I live in Edmonton and I grew up here with the
Oilers during the glory days. I want to own the Oilers because they are
Edmonton's hockey team, because I want to build a winning team, and because I
think there is an opportunity, through the Oilers, to do great things for the
City.

From a business perspective, the Katz Group and especially our Rexall
brand have benefited from our association with the Oilers and Rexall Place,
and I think there's a real opportunity to build on that success.

To be clear, I am committed to building a winning team here in Edmonton,
and I would play to the salary cap every year to help make sure that happens.
I am also prepared to make a significant additional investment of time and
money towards the development of a new downtown arena facility for the team
and the City if that's what the people of Edmonton want.

Likewise, I have initiated preliminary discussions with representatives
of the University of Alberta about building a world-class hockey training
facility on campus for the benefit of the Edmonton Oilers, the U of A and
hockey in Western Canada.

Finally, I appreciate the many expressions of support I have received
from within the ownership group, across the city and around the NHL. If I'm
successful in acquiring the team I will be more than happy to make myself
available to the media to answer your questions directly. There is no great
mystery in any of this, other than the sound business practice of trying not
to negotiate a transaction in public. To that end I have offered to meet with
all of the owners privately to further explain my offer and answer their
questions. I've had several productive discussions already and look forward to
others in the weeks ahead.

---

[chuber]

It is definitely only a matter of time.

I really like him coming out to say he will financially support a downtown arena and training facility at the UofA. That is great news!

[sync]

Go Katz!