With the NHL deadline for meeting all the requirements
in order to get approval of the Oilers sale today, local
team investors and politicians "were optimistic ... that no
unforeseen obstacles would surface," according to Ashley
Geddes of the EDMONTON JOURNAL. Investment group
spokesperson Cal Nichols said he has "very little doubt"
that the NHL will approve their bid for the team. The
Edmonton City Council's approval Friday of a deal giving the
new owners free rent at the Coliseum "was described as the
last remaining piece of the financial puzzle that could have
otherwise been a deal-breaker" (EDMONTON JOURNAL, 4/27).
Northlands, the city agency which will regain control of the
Coliseum from Peter Pocklington's Coliseum Management Inc.,
"expects the rent-free arrangement will cost it" C$4.8M a
year. The local buyers will also get C$2.2M of the C$2.8M
raised each year through a ticket surcharge on events at the
Coliseum. The Edmonton City Council will pay Northlands
C$2.4M a year until 2004 to help compensate it for the loss
of revenue on the Coliseum (EDMONTON JOURNAL, 4/24). If the
NHL's Board of Governors OKs the local group's bid, the
investors have until May 5 to close the deal with Alberta
Treasury Branches (Paul Cowan, EDMONTON SUN, 4/27).
