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A self made Billionare just purchased the Oilers after several attempts and offers to buy the team from the current owners.
The Oilers were owned by a group of 18 folks who came together to keep the team in Edmonton several years ago when it looked like they were about to be wrapped up and sold to some American. The Oilers Investment Group included Todd McFarlane among other local businessmen and they all agreed to sell their shares in the team to Rexall Drugs owner Daryl Katz.
One of the closers in the deal was Katz' plan to throw 100 million dollars towards the building of a new downtown arena. The current arena is over 30 years old.
It's a good deal for Edmonton as it keeps the team here in town and now instead of 18 owners making decisions and NOT wanting to spend money, you have one owner who wants to see the team succeed and is willing to spend some of his billions on a champion.
The Oilers were owned by a group of 18 folks who came together to keep the team in Edmonton several years ago when it looked like they were about to be wrapped up and sold to some American. The Oilers Investment Group included Todd McFarlane among other local businessmen and they all agreed to sell their shares in the team to Rexall Drugs owner Daryl Katz.
One of the closers in the deal was Katz' plan to throw 100 million dollars towards the building of a new downtown arena. The current arena is over 30 years old.
It's a good deal for Edmonton as it keeps the team here in town and now instead of 18 owners making decisions and NOT wanting to spend money, you have one owner who wants to see the team succeed and is willing to spend some of his billions on a champion.
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