In 1972, when the Edmonton Oilers entered the World Hockey Association, the entry free was $25,000.
When Peter Pocklington cajoled, threatened and bought his WHA Oilers (and star forward Wayne Gretzky) into the National Hockey League in 1979, the expansion fee was $6 million.
Forty six years later, Forbes magazine now values the Edmonton Oilers franchise at $2.45 billion US ($3.53 billion Canadian), the sixth most valuable franchise in the NHL, coming off record revenues of $388 million US in the 2023-24 season. That is up from $1.85 billion US last year.
This is excellent news for Oilers owner Daryl Katz, but also excellent news for fans of the team, as Katz is the first Oilers owner with the financial might and willingness to spend to do whatever it takes for his team in their pursuit of Edmonton’s first Cup win since 1990. His additional financial clout and record 2023-24 revenues almost certainly means he’s more powerful and potent than ever in his ability to push forward this team.
The NHL salary cap is going to rocket up to $113.5 million in 2027-28, and while some Canadian teams might well fear they’re going to have a hard time managing that increase, the Oilers look set to keep spending to the cap, just as Katz promised he would do when he bought the team in 2007.
Katz is Edmonton’s secret weapon, an owner who has demonstrated repeatedly he’s all-in with financial support with the Oilers, whether it comes to spending to the upper limit of the salary dap or buying out expensive contracts of under-performing players, spending on extra scouts and hockey operations staff or paying big salaries to AHL players in order to keep useful support players at hand.
Katz’s Ice District investment that has been greatest driver of Edmonton’s success. More than $2 billion of private funds has been invested there, as well as the $480 million public-private partnership that went into the new arena with its state of the art training facilities, including the NHL’s top dressing room and a community practice rink, all of which makes life better and sweeter for an NHL player in Edmonton.
As NHL insider John Shannon told Oilers Now host Bob Stauffer last July, Katz’s long-term plan is finally being realized. “This is something that Daryl Katz has been trying to do for a long period of time is (have) the best building, the best dressing room, the best accoutrements for a player in and around the club. Make sure that there is a club services person looking after everything. And now that word has spread and I think that’s a big part of it. All you have to do is look down the highway to the issues that are going on in Calgary before the building even gets finished to know that the Oilers have a huge edge in trying to recruit players.”
Katz hasn’t always gotten it right. He’s made some iffy choices when it comes to running hockey operations. But he’s gradually built the Oilers up into an NHL powerhouse, and his star players recognize his commitment.
You might recall what Leon Draisaitl said last September when he signed a new eight-year deal here: “I’d like to thank the Katz family for believing in me. I take great pride in being an Oiler and playing for our city and our fans.”
This comment came after NHL columnist Frank Seravalli of The Daily Faceoff had noted Draisaitl’s closeness to Katz. As Servalli told Bob Stauffer on Oilers Now, there’s not one thing that’s not looked after for the Oilers. “You want to do something special on an off day for the Super Bowl, we’ll do it…These players have everything at their disposal. Facilities, everything else that comes with it.”
Seravalli said he became interested in Katz’s relations to his players during the May 2024 Oilers-Stars series when he saw Draisaitl and Katz’s celebrating a big win. “They stood there and they hugged. And I was like, ‘Huh, that’s interesting.’ You don’t see that that often. There’s real relationship there.”