Edmonton Oilers owner Daryl Katz says future unclear after new arena deal nixed

EDMONTON – The owner of the Edmonton Oilers says he doesn’t know what comes next after city councillors rejected his last-minute demands for millions more taxpayer dollars and walked away from a deal for a new downtown arena.

In a two-sentence press release, Daryl Katz says he is concerned about the implications of the deal effectively collapsing, but remains hopeful they can reach a solution.

Construction was set to begin next year on a new downtown rink. It would be built by the city while the Oilers would run it, pay a lease fee and keep almost all the profits.

That deal went into limbo last month when Katz said he’d had another look at the numbers and needed, among other concessions, $6 million more a year from taxpayers.

Mayor Stephen Mandel said the deal collapsed because Katz would not budge from his demands and would not provide the financial details to prove the extra $6 million was needed for him to turn a profit.

Mandel has said the only way the process can move forward is for Katz or his officials to meet with council in public to explain why they need the money.