It seems like most of the news surrounding the Edmonton Oilers during the 2022-23 season has been positive. The team has been playing well in the first month and is among the leaders in the Western Conference. Things are looking very good off the ice as well. A recent tweet by Sportico revealed that the Oilers are now worth $1.29 billion and rank No. 8 overall in the NHL in terms of value.
The Toronto Maple Leafs and the New York Rangers are the two most valuable franchises in the NHL as both have topped the $2.0 billion mark, however, the Oilers are the NHL team that showed the biggest gain in 2022, increasing in value by 11 percent over the previous season. The franchise also showed well last season in the Forbes Business of Hockey list where they ranked No. 7 among all NHL teams.
Will Off-Ice Success Be Reflected On-Ice for the Oilers?
The hope this season is a Stanley Cup victory for Connor McDavid, Leon Draisaitl, Darnell Nurse, and company. Oilers fans are proud of their franchise, especially when they hear good things outside of their market such as the latest financial rankings, but ultimately all anyone cares about is winning the Stanley Cup. As a fan himself, you get the sense that Oilers owner Daryl Katz could be one of the happiest (maybe most relieved) people in the world should the Oilers win Lord Stanley’s mug, as that’s a chapter yet to be written for this era of the team.
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The Oilers are currently right up against the salary cap, but there is good news on the horizon as some reports are indicating that it could jump as high as $4 million for the 2024-25 season. That’s positive news for the Oilers and especially for Draisaitl who should be expecting a significant raise from his current contract of $8.5 million per season. As it sits, his contract is currently one of the best-value contracts in the NHL and he is set to become an unrestricted free agent in 2025-26. The Oilers also have to hope the salary cap continues to rise in the next few seasons as McDavid will be up for a new contract in 2026-27, and should see a significant increase in his current salary of $12.5 million per season.
The Oilers Have Come a Long Way From the Late 90s
Long-time fans of the team can’t help but remember some of the pain from the past. On March 13, 1998, the Oilers were literally hours away from losing their franchise when then Houston Rockets owner Les Alexander was close to finalizing a deal with Oilers owner at the time Peter Pocklington.
Thankfully a local ownership group, the Edmonton Investors Group (EIG), was formed and they were instrumental in keeping the team in Alberta’s Capital. You have to believe that members of the EIG, led by local business leader Cal Nicols, are also hoping that the Oilers’ current financial success off the ice will lead to a Stanley Cup in the near future. It would truly be a satisfying moment for them as without the EIG group coming together in 1998 there wouldn’t be professional hockey in Northern Alberta.
Comparing the Oilers’ Fortunes to the Rival Calgary Flames
News of the possibility of a new arena for the Flames has come up recently in Alberta. If you’re an Oilers fan you have to hope that someday the Flames are able to build a new facility and say goodbye to the Saddledome. The Flames currently sit in 19th place in terms of value among NHL franchises at $870 million. If they build a new arena, there’s a good chance they will see a spike in value and could top the $1 billion mark. But the Calgary arena project is currently a political hot potato in the Stampede City and no one really knows where things will go.
Some Oilers fans may enjoy seeing their provincial rivals struggle in terms of getting a new arena, but history shows that having two healthy franchises is good for everyone in Alberta. It wasn’t too long ago that both cities had Pacific Coast AAA Baseball franchises and when the Calgary Cannons relocated to Albuquerque for the 2002 season, the Edmonton Trappers couldn’t survive without their Alberta counterparts. The Trappers were sold in 2004 and relocated to Texas for the 2005 baseball season. Having both AAA baseball teams leave Alberta was definitely a loss for sports fans in the province.
Can A Healthy Bottom Line Lead to Ultimate On-Ice Success for the Oilers?
Having a financially healthy franchise is beneficial to everyone associated with the Oilers. It means you don’t have to worry about negative financial news trickling down into the dressing room and affecting the team in a negative way. It also means your team can afford to pay for players such as Zach Hyman and Evander Kane. Ultimately, for Oilers fans, you have to hope it equates to bringing the Stanley Cup back to the City of Champions. It will be interesting to see what the future holds for the franchise and everyone who is passionately supporting the team.