In a rare moment of reflection, former Edmonton Oilers governor Cal Nichols looked back on one of the most defining decisions in franchise history: selling the team to billionaire Daryl Katz. Nearly two decades later, Nichols described the move as “bittersweet,” but ultimately necessary.
Ex-Oilers Owner Opens Up About Selling the Team
Nichols played a key role in keeping the Oilers in Edmonton during the late 1990s, when relocation threats loomed. The Edmonton Investors Group, a 34-member local ownership group, stepped in to stabilize the franchise. However, by the mid-2000s, the financial demands of the modern NHL had grown significantly, and the group found itself stretched.
In 2008, the Edmonton Investors Group sold 100 percent of the franchise to Katz in a deal valued at approximately $200 million. Nichols later explained that the decision came down to resources and sustainability.
“We just ran out of energy. I talked to Daryl, and he had his ideas about how to go about doing it and the amount of money behind it,” Nichols said on the Jason Gregor Show, explaining that he believed the franchise needed a different ownership structure to move forward.
He added, “I just thought, for the good of the city, maybe we’re not the right ones to do it the way we’re set up.”
When asked whether selling the Edmonton Oilers felt “bittersweet” or more like an “achievement,” Cal Nichols said, “It was both. No doubt about it.”
Nichols also pointed to what followed under Katz’s ownership, particularly the development of the Ice District. He acknowledged that the original investor group would have, in all likelihood, struggled to execute a project of that scale, which included not just an arena but surrounding towers and economic development.
“Anyway, I think Edmonton ended up with probably something we would have struggled to do it that well,” he added.
Today, the Edmonton Oilers are valued at around $2.76 billion, a sign of how much the franchise has grown.
Looking at downtown Edmonton now, Nichols views that progress as confirmation that the decision worked out. While Daryl Katz has faced criticism over the years about on-ice results, Nichols continues to emphasize the most important outcome: the team remained in Edmonton.
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As of now, with the Oilers consistently contending for championships and the Ice District serving as a global model for urban sports development, Nichols’ decision to step aside looks more like a strategic masterstroke than a surrender.
