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ROCKETS' ALEXANDER COLLECTS C$4M IN OILERS "BREAK-UP" FEE
Published August 19, 1998
Alberta Treasury Branches paid a C$4M "break-up" fee to Rockets Owner Les Alexander "after he lost out on his bid" to buy the NHL Oilers in May, according to Jac McDonald of the EDMONTON JOURNAL. Alexander "is entitled to" another C$4M if the agreement keeping the Oilers in Edmonton until 2004 is "relaxed in any manner," making it easier for the club to be relocated. The fee agreement, obtained by the JOURNAL, says that the additional money is due "whether or not the club is then relocated." The fees "were part of Alexander's second offer to purchase the Oilers." Treasury Branches spokesperson Darlene Dickinson "confirmed" that Alexander received the C$4M, out of the C$100M proceeds of the sale. Dickinson: "It was his requirement that if the local buyers succeeded in purchasing the team, he would require a break-up fee. This is quite normal under transactions of this type" (EDMONTON JOURNAL, 8/19).