Sold! One Legendary Hockey Team

2/6/2008
ray anderson
The Edmonton Oilers were reportedly sold to a gentleman for $200 million.

The Associated Press reports that, pending approval from the NHL, the Edmonton Oilers will have a new owner.

The Edmonton Investors Group agreed to sell 100 percent of its shares to a local pharmaceutical billionaire for around $200 million.

League approval can take from six weeks to two months.

"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 Daryl Katz, the billionaire who wants to own the team.

Katz's offer of $200 million works out to around $22,000 a share, almost doubling the amount of the original purchase.

Katz has tried for months, ten to be exact, making five different offers starting at $145 million, sweetening the deal each time.

He also plans to spend $100 million for a new rink for the Oilers.

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