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ATB ACCEPTS LOCAL GROUP'S BID FOR NHL OILERS
Published March 19, 1998
Alberta Treasury Branches has accepted the local investors' offer to buy the NHL Oilers for US$70M, according to MacDonald & Stock of the EDMONTON JOURNAL. Investor Jim Hole said that the group has bid for all hockey assets: the Oilers, the Hamilton Bulldogs farm team and the ability to use Edmonton Coliseum. Control of the building currently rests with Peter Pocklington's Coliseum Management Inc. (CMI), which acquired the operating rights to the arena through a license agreement with Northlands Park in '94. Pocklington said the local group's offer does not include CMI and that he wants additional compensation if it is include in the sale. But sources said that the local group "wants only to acquire the license agreement" (EDMONTON JOURNAL, 3/19). Such a deal would give the local investors Northlands advertising and luxury suite revenues, plus arena naming rights. Northlands "would get overall control" of the arena "and take over concerts and other events currently booked through CMI" (Bernard Pilon, EDMONTON SUN, 3/19).