Tuesday, February 05, 2008

Oilers sold to billionaire

THE CANADIAN PRESSEDMONTON -- The Edmonton Oilers have a new owner, pending approval from the NHL.The 34-member Edmonton Investors Group agreed Tuesday to sell 100 per cent of its shares to local pharmacy billionaire Daryl Katz in a C$200-million deal."This is a terrific level of support that will enable us to move forward with the process of securing NHL approval and conclude this transaction," said Katz in a news release.League approval can take anywhere from six weeks to two months.Katz said he also plans to create an advisory board composed of community leaders and former members of the investors group to help steer the team."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," said Katz, who will hold a conference call Wednesday to further discuss the deal.His offer works out to $22,000 a share for the 7,492 shares -- an offer that represents a doubling of the original purchase price.
Source: www.sportsnet.ca

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