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thepeel
Joined: 08 Aug 2004
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 Posted: Tue Feb 05, 2008 6:24 pm Post subject: Edmonton Oilers sold |
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Daryl Katz may have stayed in the background during his bid to buy the Edmonton Oilers, but today, after 10 months of interest and five escalated offers, he will be introduced as the NHL team's new owner.
Edmonton Investors Group met yesterday and agreed to sell its interest in the team to the 46-year-old owner of the Rexall chain of pharmacies for $200-million.
Katz needed 60 per cent of the club's 7,492 shares to become the majority owner, but received 100 per cent after shareholders discussed what was best for them and the franchise.
"This is a terrific level of support that will enable us to move forward with the process of securing NHL approval and concluding this transaction," Katz said in a news release. "I appreciate the board's hard work over the past few months. I respect their commitment to the community and am very pleased that they recommended my offer to all shareholders."
Katz's most recent bid was a sizable increase over his original offer of $145-million, made last May. It amounts to a payout of $22,000 a share. That guarantees shareholders a $2.8-million return on their original $1-million investment, made in 1998.
The Katz offer received a boost last weekend when EIG's board of directors recommended that the deal go ahead. There had been talk of a rival offer coming from within the EIG ranks, but that fell through when Katz raised his bid to $200-million and maintained a $100-million commitment to building a new arena in downtown Edmonton.
Along with his financial outlays, Katz said yesterday he wants to establish an advisory board that would keep him connected to fans and business leaders. The advisory board would consist of as many as five former EIG shareholders and others from within the community.
"I see the power of having community representation as part of the team's ownership model," Katz said. "Having an advisory board lets us capture the best of both worlds. It brings together the vision of an entrepreneurial owner with active and ongoing counsel from a board of community leaders."
Katz's purchase requires the approval of the NHL's board of governors, but that is expected to be little more than a rubber-stamp exercise.
He's not only Edmonton-born, but also a University of Alberta graduate who runs his empire out of Edmonton.
Katz has maintained a long-term relationship with the Oilers, both as a fan and businessman. He became the club's largest corporate sponsor in 2003 when he acquired the naming rights to Rexall Place for a 10-year period.
Notoriously private, Katz will address the news media today in a telephone conference call, but insisted yesterday that he wanted what is best for the team. It is believed he supports both general manager Kevin Lowe and head coach Craig MacTavish, even though the Oilers' hopes of making the playoffs this season are slim and slimmer.
Forbes magazine has listed Katz as one of the 500 wealthiest people in the world, which his supporters have happily touted.
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Wed Feb 06, 2008 5:38 am Post subject: |
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| I only skimmed the article because I'm pretty drunk, and I hate hockey, but I'd hate to see the Oilers leave the city. One of the greatest teams in the history of hockey is shedding great players to weird American cities that don't even have ice where people care about hockey less than I do. Makes no sense to me. |
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whatever
Joined: 11 Jun 2006
Location: Korea: More fun than jail.
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| Posted: Wed Feb 06, 2008 6:25 am Post subject: |
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| Keep drinking, RT. Your 'point' is... |
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Wed Feb 06, 2008 6:44 am Post subject: |
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| Hockey sucks now more than it did in the '80s. |
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The Archivist
Joined: 20 Dec 2007
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| Posted: Wed Feb 06, 2008 9:03 am Post subject: |
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| great for the oilers. it will be a shame if they build a new arena, though, as there is no more intense rink experience than that! you're practically on top of the ice! |
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