Edmonton Arena Deal Stuck In Limbo?
Today was a double whammy day for Edmonton Oilers fans. First, they are coming to grips with an eventual lockout that seems to be no closer to ending and now, they have learned Edmonton City Council and the Katz Group are still short that last $100 Million Dollars, perhaps more, as it seems the provincial government will not pony up. The provincial nor federal government have not made any cash promises to the City Of Edmonton as of yet.
Mayor Stephen Mandel and members of the Katz Group, owner of the Oilers, met in private today to talk over details. All sides are very frusterated at the provincial governement balking at handing over the funds. The current infrasturcture of the arena is at a total of $450 Million with costs rising as the stalemate continues. The provincial government has monetary issues of its own with word that they may be heading heavy into the red this year.
Finding the last $100 Million has been a treasure hunt that has been going on for roughly a year. We will have to wait and see which side breaks and starts putting up hard and heavy threats. I expect rumors of the Oilers leaving town to be popping up soon as they wait for the money to show up. With an impending lockout on the horizon, I expect the Katz Group to start applying a heavy hand with a degree of subtlety. They are still looing for public support but patience is wearing thin on all sides.
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