Tuesday, August 07, 2007

Third time is no charm for Katz

The Edmonton Oilers are not for sale!

That seems to be the message that the current ownership group would like to get out there, as they once again turned down Edmonton billionaire Daryl Katz.

The owner of the Katz Group conglomerate which runs the Rexall drug store chain, had reportedly tossed 185 million dollars into the pot in his bid to purchase the Oilers. It marked the third time that he had made a bid for the franchise adding some thirty five million dollars to the pot from his last effort.

Cal Nichols, chairman of the thirty three member group of owners said that the shareholders had “voted resoundingly to reject this offer.” They feel that hockey in Edmonton is best served by an ownership group which they feel is best suited to steer Edmonton’s NHL future.

They look at Katz’s frequent attempts to buy the team as a bit of a circus that has been causing “collateral damage” to their bid to keep the Oilers competitive.

There are those around Edmonton however that see this as just another temporary setback for the drug store czar, who flush with cash will eventually come up with the right numbers to get enough of the 33 share holders to sell.

While the current board may like to see the circus come to an end, in reality it may only be the intermission!

Canada.com-Katz rebuffed, Oilers not for sale

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