Franchises

LOCAL GROUP PROPOSES CITY KICK IN $$ FOR STAKE IN OILERS

2.23.1998

          Local Edmonton investors want the city to commit
     C$14.2M "to cover unforseen operating costs in return for
     part ownership" of the NHL Oilers, according to Thomas &
     MacDonald of the EDMONTON JOURNAL.  The city council would
     need to make such a commitment by March 13.  If the city
     council guarantees the C$14.2M, the city would own a 22.2%
     stake in the team.  John Butler, the lawyer for local
     investors, wouldn't say how close the group is to reaching
     its goal of $35M (EDM. JOURNAL, 2/21).  In Edmonton, Bernard
     Pilon reported that "at least half" of the city council's 12
     members don't want to invest in the team (EDM. SUN, 2/22).

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