Hockey

Daryl Katz explains bid to buy Oilers

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

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.

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

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