Music: {allcanada} EDMONTON COUNCILLORS VOTE TO WALK AWAY FROM ARENA PROJECT

Wednesday, October 17, 2012

{allcanada} EDMONTON COUNCILLORS VOTE TO WALK AWAY FROM ARENA PROJECT

EDMONTON -- The deal to build a new arena for the Edmonton Oilers has collapsed.

City councillors have voted unanimously to walk away from the deal with team owner Daryl Katz, saying Katz's new demands for millions more in public money is offside.

Mayor Stephen Mandel said council cannot even begin considering giving Katz the extra $6 million a year he wants if he won't show them the financial details to prove he needs it.

Katz was not in the council chamber at the time even though Mandel asked him to attend.

The pharmacy billionaire has refused twice in recent weeks to meet with councillors in public over the issue, saying negotiators are so far apart there was no need to meet.

The deal, struck last year, would have seen taxpayers and ticket buyers build the rink with the Oilers paying $15 million a year in lease payments and operating costs and keeping almost all the profits.