Board chairman Cal Nichols also announced Tuesday that the group has voted to declare the team not for sale. "This is not about dollars," he said. "This is about Edmonton."
The group purchased the Oilers nine years ago. It has been presented with three offers from Katz over the last five months to purchase 100 per cent of the franchise.
While reports suggested Katz's latest offer was for US$170 million, Nichols said deal was worth $185 million on paper. But once tax and other financial implications were factored in, the actual return would have been $160 million, according to Nichols. That is less than what the current group feels the franchise is worth.
Forbes magazine values the club at $146 million.
Katz also promised bankroll a new downtown rink and max out the salary cap.