Katz Group supports call for downtown arena complex

Rexall Sports Corp. voiced its support today for a new downtown arena complex for the City of Edmonton.

Commenting following the release of The Summary Report of the Leadership Committee for a New Sports/Entertainment Facility for Edmonton, Rexall Sports President, John Karvellas, said,  “We are pleased that the Committee has determined that a new downtown arena project is both feasible and desirable. We appreciate the committee’s work, and would like to join the Mayor in expressing our enthusiasm for this project.”

“Rexall Sports shares the Committee’s view that a downtown arena complex can help revitalize Edmonton’s core and become the centrepiece for a number of major developments in the adjoining area, as similar projects have done for other cities.”

“Over the next several weeks we will be assessing our position with regards to the financing and overall development, and what it means to us as the prospective new owners of the Oilers.  We look forward to working with the City, Northlands, and other stakeholders to move this project forward," added Mr. Karvellas.

Daryl Katz, Founder and Chairman of Rexall Sports, has pledged to contribute his time, energy and on the order of $100 million towards the development of a new downtown arena following his acquisition of the Edmonton Oilers.

On February 5, 2008, Rexall Sports announced that it had received letters of acceptance representing 100% of the total shares outstanding in Edmonton Investor Group Holdings.  The transaction is pending National Hockey League approval and is expected to close in May.