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LOCAL OILERS GROUP ADDS INVESTORS, CLAIMS TO BE ON COURSE
Published March 5, 1998
Edmonton's local business group trying to buy the Oilers are "perhaps 24 hours away from reaching the minimum cash stockpile needed to keep the team," according to Bernard Pilon of the EDMONTON SUN. Group spokesperson Cal Nichols "has now set his sights on rasing another" $10M by March 13 -- the deadline to prevent the team's sale to Les Alexander. Nichols: "I can tell you we're just under [C$50M] and will have that by Friday." Nichols noted financial investments by two Edmonton real-estate developers: Melcor Developments CEO Tim Melton and Springwood Development Owner Bill Butler (EDMONTON SUN, 3/5). In Edmonton, Jac MacDonald reports that the new financing still leaves the group C$5M short of its C$50M goal. Meanwhile, NHL Commissioner Gary Bettman said the Oilers "are viable" in Edmonton: "The issue isn't the support of the fans in Edmonton because that support has been terrific. It's been unquestioned" (EDM. JOURNAL, 3/5).