Daryl Katz grew up in Edmonton, just like any other kid who loved hockey. He watched the Oilers through the highs and lows. Then, in 2008, he did what most fans could only dream of—he bought the team, with a price tag of $200 million. At the time, it was a bold move. The team had history, but it was far from its glory days.
Nearly two decades later, things look very different. As of May 2025, the Edmonton Oilers are valued at $2.65 billion. They’re not just competitive — they’re one of the NHL’s most valuable franchises. And while success like that has a lot of ingredients, Katz’s steady presence and long-term vision have been key parts of the story.
How Daryl Katz Built More Than an NHL Team
Katz made his mark in business long before his name was tied to hockey. In 1991, he bought the Canadian rights to Medicine Shoppe, a pharmacy chain. Then came Rexall — another drugstore brand, though one in rough shape when he picked it up. Katz helped turn it around. Under his leadership, Rexall expanded across the continent before eventually stepping away from the pharmacy space. But his appetite for building never slowed.
Next, the focus shifted toward real estate and entertainment. One of the most visible results of that shift is the ICE District in downtown Edmonton.
The $2 billion development, built through the Katz Group, turned an overlooked stretch of the city into a busy urban center. Restaurants, condos, offices, and Rogers Place — the Oilers’ state-of-the-art home arena — now sit where empty lots and older buildings used to be.
Katz didn’t stop at the NHL. Through OEG Inc. (formerly Oilers Entertainment Group), he also oversees the Bakersfield Condors in the AHL, the Edmonton Oil Kings in the WHL, and other ventures in entertainment and cannabis retail. It’s a wide-ranging group of operations, but all of them tie back to the same mindset: investing in things that last.
Despite his many business roles, Katz has always stayed close to the Oilers. People inside the organization say he’s not a hands-off owner. He cares deeply about the team and is closely involved in its direction. His goal has always been straightforward—bring a championship back to the city.
How Katz’s Leadership Is Shaping the Future of the Edmonton Oilers
There are signs that the team is heading in that direction. In the 2023–24 NHL season, the Oilers generated a record $388 million in revenue. That kind of financial base makes a difference. It allows the organization to improve facilities, hire top-tier staff, and support players in ways that weren’t possible before.
The Oilers generated the 5th-highest revenue in the NHL during the 2022-23 season at an estimated $281 million net of revenue sharing, by Sportico’s count.
The club ranked 8th for team value at $1.6 billion with every team ahead of it in a metro area at least three times larger… pic.twitter.com/Eg24VuTQsq
— Sportico (@Sportico)
Katz has also shown a willingness to spend where it counts. He’s regularly pushed the team’s payroll up to the league’s salary cap — and occasionally beyond. With the cap expected to rise to $113.5 million by the 2027–28 season, the Oilers look well equipped to keep pace financially.
And then there’s the ICE District again, playing a less prominent but essential role. Beyond boosting the city, it helps attract players. Rogers Place and the surrounding amenities offer something many other teams can’t — top-class facilities and a strong community vibe.
NHL analyst John Shannon has pointed out that it gives Edmonton an edge, especially regarding player experience.
Katz has also developed personal ties with players. One of those moments came during the 2024 playoff run, when he celebrated with Leon Draisaitl after a crucial win. It was a small scene, but it stood out — a reminder that the connection between ownership and Edmonton’s athletes is unusually close.
That’s not to say everything has gone smoothly. Some hockey operations choices over the years sparked criticism, and like any long-term effort, there have been missteps. But through all of it, Katz has stayed committed to building something lasting, both on the ice and off it.
Today, the Oilers are no longer seen as a team stuck in the past. They’re considered serious contenders, driven by smart investments, strong leadership, and a clear identity. Under Katz, the franchise has evolved into a competitive team, something deeply tied to its city and future.
The Cup hasn’t come home just yet. But for Edmonton fans, it’s no longer a distant hope. It’s starting to feel like a real possibility.
