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Oilers on the skids

Broadcast Date: Dec. 5, 1993

How the mighty have fallen. A couple of years ago the Edmonton Oilers were on top of the world, winner of five Stanley Cups in seven seasons. Owner Peter Pocklington had even discussed issuing public shares in the franchise. Fast forward to 1993: star players including Wayne Gretzky have been traded away, and the franchise is mired in debt and lawsuits. On ice, the team is competing for last place in the league.

Claiming the team is hemorrhaging money, Peter Pocklington has done an about face. He's battling a court injunction barring him from selling the team to buyers in Minneapolis. As we see in this clip, the once-proud Pocklington is now public enemy number one for many Edmontonians.

Oilers on the skids

• The Edmonton Oilers were one of the original WHA teams in 1972. They were called the Alberta Oilers for their first season because they originally planned to split their home games between Edmonton and Calgary (they ended up playing exclusively in Edmonton).
• New owner Peter Pocklington took over in 1978 and pulled off an amazing trade, acquiring rising 17-year-old star Wayne Gretzky from the foundering WHA Indianapolis Racers, along with two other players, for a mere $850,000.

• The Oilers joined the NHL in 1979 when the WHA folded. Playing alongside another superstar, Mark Messier, Gretzky led the team to Stanley Cup victories in 1983-84, 1984-85, 1986-87, 1987-88, and 1989-90.
• The team regularly sold out its 15,000 seat arena, but Pocklington reported continual financial losses.

• On Aug. 9, 1988, the Oilers shocked fans when they traded Gretzky to the Los Angeles Kings for $15 million US. For trading the popular player and meddling in future contract signings, Pocklington became very unpopular. Off the ice, his meat-packing industry also failed following charges of corruption.
• Pocklington's 1993 threat to sell the team to U.S. investors didn't materialize, although it did prompt the government to upgrade the Northlands Coliseum in an effort to keep the team in Edmonton.

• In 1996 a successful "Friends of the Oilers" campaign boosted ticket sales in an effort to keep the team alive.
• In June 1997 Pocklington put the team up for sale for an asking price of $85 million US. In February of the following year, Houston Rockets basketball team owner Les Alexander approached Pocklington with an offer of $82.5 million to move the team to Texas.

• But Pocklington had signed a "location agreement" back in 1994 (in exchange for funds to upgrade the arena) guaranteeing the team would stay in Edmonton if a local ownership bid could come up with at least $70 million US within 30 days.
• With only hours remaining on the 30-day clock, a group of 37 local investors under the name Edmonton Investors Group Ltd. (EIG) purchased the Oilers, promising the team would stay in Edmonton.

• Of note, EIG is not obligated to keep the team in Edmonton. Since most NHL teams are worth about $100 million US, they stand to make a considerable profit if they were to sell the team.

Oilers on the skids

Medium: Television

Program: Sunday Report

Broadcast Date: Dec. 5, 1993

Guest(s): Bill Hunter, Peter Pocklington, Peter Verburg, David Witson

Host: Wendy Mesley
Reporter: Kevin Tibbles

Duration: 3:07

Hockey footage: National Hockey League

Last updated:
March 31, 2005