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NHL UNANIMOUSLY APPROVES SALE OF OILERS TO LOCAL INVESTORS
Published April 28, 1998
The sale of the NHL Oilers to the Edmonton Investors Group LP was approved unanimously by the NHL Board of Governors yesterday. Final closing of the sale remains subject to further documentation satisfactory to NHL Commissioner Gary Bettman and league counsel (NHL). In Edmonton, Stock & MacDonald report that the local investors must pay the US$65M balance on the US$70M deal to acquire the team on May 5. Just "over half" of that amount has been raised; the remainder will be borrowed. The group "will now move to keep key personnel," such as President/GM Glen Sather (EDMONTON JOURNAL, 4/28). The local buyers now have 31 people in their group, including three new investors (Terry Jones, EDMONTON SUN, 4/28). The trio of new investors are pilot Don Hamilton, "trucking magnate" Simon Sochatsky and "oilpatch tycoon" Wally Kuchar. The latter two put up C$1M each (Bernard Pilon, EDMONTON SUN, 4/28).