For nearly five decades, the Edmonton Oilers have been an integral part of the city. However, in 1998, the team came dangerously close to being relocated.
In the 1980s, the Oilers were a dominant force in the NHL, winning five Stanley Cups between 1984 and 1990. They dethroned the New York Islanders’ dynasty and created one of their own. The team featured legendary players such as Wayne Gretzky, Mark Messier, Jari Kurri, Paul Coffey, Grant Fuhr, Glenn Anderson, and Kevin Lowe.
But after their 1990 championship, things began to fall apart. Two years earlier, Gretzky had been traded to the Los Angeles Kings in a controversial deal that involved player Jimmy Carson and $15 million. The trade triggered a gradual breakup of the team’s core, largely due to financial struggles that made it difficult to retain star players.
From 1992 to 1996, the Oilers missed the playoffs for three straight seasons, and their performance suffered across the board. Owner Peter Pocklington’s financial difficulties worsened during the 1990s, prompting him to offload key players and even openly consider relocating the team. Cities like Hamilton and Minneapolis were mentioned as potential destinations.
The most serious relocation threat came when Pocklington negotiated with Les Alexander, then-owner of the NBA’s Houston Rockets, to sell and move the team to Houston. The deal was nearly finalized—just a week away from completion.
However, in 1998, a group of local investors—known as the Edmonton Investors Group—stepped in to buy the team and keep it in Edmonton. Their efforts were supported by NHL Commissioner Gary Bettman, who played a key but often overlooked role in saving the franchise.
Although the group wasn’t able to re-sign star goaltender Curtis “Cujo” Joseph, they did manage to stabilize the organization. Under new ownership, the Oilers reached the Stanley Cup Final in 2006 but lost to the Carolina Hurricanes.
In 2008, after a decade of ownership, the Edmonton Investors Group sold the team to local businessman Darryl Katz. Katz, who still owns the team, endured a rocky start but has since overseen the Oilers’ return to success, including back-to-back appearances in the Stanley Cup Final.
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