Alberta billionaire Daryl Katz promised Tuesday to spend whatever it takes to bring the Stanley Cup back to Edmonton if given the chance. 

Katz, a pharmaceutical mogul, is taking a third stab at buying the Edmonton Oilers, reportedly for more than $170 million US.

An Edmonton billionaire is offering $170 million US to buy the Oilers.
(Jason Scott/Canadian Press)

He previously offered $145 million US and $150 million US, but both bids were rejected.

"I am committed to building a winning team here in Edmonton, and I would play to the salary cap [maximum] every year to help make sure that happens," Katz said in a statement.

Katz, whose pharmacy chain sponsors Rexall Place, the home of the Oilers, stated that he was "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."

The Oilers, a fixture in Edmonton for 35 years, are presently owned by the Edmonton Investors Group, a consortium of 34 local businessmen who purchased the franchise from Peter Pocklington in 1998.

"They did a great thing when they came together to buy the team and keep it in Edmonton … as an Edmontonian, and, as a fan, I'm grateful for everything they have done," Katz said. "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."

Forbes magazine estimates Katz's net worth at $1.6 billion US, making him the 486th wealthiest man in the world.

With files from the Canadian Press