Deal in Works to Keep the Oilers in Edmonton

EDMONTON, Alberta —  The Edmonton Oilers are on the verge of a sale that will keep the NHL team in the Alberta capital, principals of the deal said Friday night.

“We will continue to work throughout the weekend to finalize the agreement,” said a joint statement from Oiler owner Peter Pocklington and prospective owner Leslie Alexander. “We are optimistic that we will have an announcement to make early next week.”

The deal, which also could lead to the awarding of an expansion team to Alexander, who owns the NBA’s Houston Rockets, has been reported for several days as having been agreed to informally.

The reported deal would have Alexander buy the team for about $85 million, with a promise to keep the team in Edmonton for three years. If the team is losing money, however, Alexander could move it to Houston.

If it’s profitable, Alexander would sell the team to local bidders and win the right to an expansion franchise in Houston.

But a 1994 deal contains a clause that keeps the Oilers in Edmonton until 2004, Mayor Bill Smith said.

“We do have a location agreement in place. It’s real. It’s binding,” he said.