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Oilers, Edmonton set arena finance plan

5/19/2011 - NHL Edmonton Oilers

EDMONTON, Alberta -- Edmonton officials and the owners of the Oilers have reached a framework agreement to finance a $450 million downtown arena for the team.

The deal would see the city provide $125 million and the Katz Group, which owns the Oilers, pay $100 million. Another $125 million would come from a user-paid facility fee.

Edmonton mayor Stephen Mandel says they will now approach the provincial and federal governments for the remaining $100 million.

A spokesman for Alberta premier Ed Stelmach says the provincial government will look at the specifics of any request to spend $100 million for the arena.