Purchase of Edmonton Oilers
In May 2007, Katz made a $145-million bid to buy the Edmonton Oilers franchise, which the owners of the team, the Edmonton Investors Group (EIG), quickly rejected, stating the team was not for sale.
In July 2007, he made another bid for the Oilers of $185-million, which was turned down by the Edmonton Investment Group (EIG) on August 7, 2007. On December 12, 2007, Katz made an offer of $188-million to the EIG. The Board of the EIG announced in January 2008 that it would again recommend to its shareholders to reject this latest bid.
On January 28, 2008, Katz increased his offer to $200 million and extended the acceptance deadline to February 5, 2008, at which time Katz was notified by the EIG that all its members agreed to sell the Oilers to him, pending league and financial approval. On June 18, 2008, Daryl Katz received the final OK from the National Hockey League to purchase the Edmonton Oilers, and then on July 2, 2008, he was officially announced as the owner of the Edmonton Oilers during a Press Conference at Rexall Place, where he was presented with an Edmonton Oilers Jersey with the number "08" and his last name patched onto the back.
Katz has hired a team of architects, engineers, consultants, and promoters to develop a plan for a new arena for the Oilers. Through a subsidiary of Katz Group, land in downtown Edmonton has been purchased. Katz envisions a sports and entertainment district. He has proposed to spearhead private development of condos, hotels, and entertainment venues in this area. Debate over government funding for the arena project is ongoing in Edmonton.
Read more about this topic: Daryl Katz
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