Oilers owner , Darryl Katz taking the Boyle Street Community Services to court over a 5 million dollar donation

[MrHeiskanen]

Katz is plenty of things but a terrible businessman ain't one of them.

He just negotiated a poor business deal, is crying about it, and suing. Is this strong business acumen?

 

[North Cole]

Right or wrong regarding the contractual agreement, courts will decide but regardless youd think that a 4.4 billion dollar person would have more compassion for a homeless shelther, when its only costing him 5 million.

Not how life or business works. Katz is a scumbag based on his advances and payouts of those actresses, but as far as contracts go, you're a shitty business person if you pay people that possibly broke contracts just to make them go away. And you won't keep your net worth very long opening yourself up to anyone who thinks you're an easy mark.

 

[zar]

Boyle Street also defended its fundraising efforts — stating that during the campaign it reached out to thousands of supporters, major donors, politicians and ran ad campaigns — raising more than $7.3 million by the end of 2022 from 171 private donors, and additional funds since.

Sounds like they did do their job, 7.3 out of 8.5 million required. Now poor boy Katz can't pony up his promise.

If it is proven that the goal was $8.5m and they actually raised $7.3M, 86% of the goal without any government support, I will rescind my earlier post and agree that Katz is “just another rich asshole”. Not all rich people are the assholes that many people want to make them out to be, just because they are envious of their success.

 

[klefbombs shoulder]

He just negotiated a poor business deal, is crying about it, and suing. Is this strong business acumen?

I mean, even if he still has to fork over an additional 5 million he got a prime piece of downtown real estate that when redeveloped will be worth easily 10 times as much.

He bought the Oilers for 145 million in 2007, they are now worth about 1.8 billion.

Developed Rexall Pharmacy and sold it for 3 billion in 2016.

Yeah he's a pretty good businessman.

 

[Rubi]

Sounds like they're gaming the deal.

Fall $1m short, get the extra $5m from Katz and net $4m more from the deal than you were supposed to...how convenient.

Sounds like something most billionaires would do... not shelters for the homeless.

 

[luiginb]

Sounds like they're gaming the deal.

Fall $1m short, get the extra $5m from Katz and net $4m more from the deal than you were supposed to...how convenient.

You're a horrible person and you should know that

 

[MrHeiskanen]

I mean, even if he still has to fork over an additional 5 million he got a prime piece of downtown real estate that when redeveloped will be worth easily 10 times as much.

He bought the Oilers for 145 million in 2007, they are now worth about 1.2 billion.

Developed Rexall Pharmacy and sold it for 3 billion in 2016.

Yeah he's a pretty good businessman.

Sports franchises just naturally go up, there is really no business acumen there that he contributed something so ground breaking for the value to go up. It just happened, based on the league, based on the market, based on a lot of factors all of which have basically nothing to do with Katz.

Rexall would be his biggest success for sure, something tangible that he built, expanded, lead, and sold.

 

[Byron Bitz]

Sounds to me like the agency breached the contract. Was offered consideration on more than one occasion, and likely doesn't have the business acumen or wherewithal to meet their obligations. Not surprising from a non profit.

Sure, but Katz doesn’t have to sue them over this. It’s not even worth the negative publicity never mind the ethics. Other owners would have just moved on

 

[RickyLafleur]

Poor billionaire...at least he gets sympathy on hfboards.

 

[klefbombs shoulder]

Sports franchises just naturally go up, there is really no business acumen there that he contributed something so ground breaking for the value to go up. It just happened, based on the league, based on the market, based on a lot of factors all of which have basically nothing to do with Katz.

Rexall would be his biggest success for sure, something tangible that he built, expanded, lead, and sold.

The Oilers went from one of the least valuable franchises in 2007 to being the 7th most valuable currently. Essentially equal in value to Chicago, while being in one of the smaller NHL markets. Biggest factor in the value increase is the new Arena they play in, and Katz was instrumental in that deal being negotiated.

And like it or not (I don't), going to court and fighting tooth & nail for every dollar you think you should have is part of being an effective businessman too.

 

[Coffey]

Of course he doesn't want to give away 5 million dollars. That will cut into his monthly nose candy budget.

Bad look, bruh

https://www.cbc.ca/news/canada/edmonton/edmonton-oilers-daryl-katz-sinus-infection-1.5131497

 

[ZJuice]

I’d also sue those lazy homeless for not doing enough to deserve 0.114 % of my net worth

I work for a different billionaire and didn’t get any Christmas bonus despite drastically exceeding revenue and profit expectations. Instead they just raised the targets.

When I worked for a millionaire I got wonderful Christmas bonuses and lots of extras (paid fishing trips, trip to Arizona etc)

Billionaires suck

 

[Sol]

do people seriously think that Non-profits don’t make money? Sheesh you guys are young.

 

[SupremeTeam16]

Then Katz should have negotiated a different deal if he wanted a different outcome? Terrible businessman I guess.

Also, read the article,

if they hit 8.5, he gives 5

if they hit 10.5 he gives 3

if they hit 13.5 he gives nothing

So if they were gaming the system, 8.5 was where they wanted to be.

The whole deal was to facilitate getting the land and OEG structured it in a way that they would have the legal recourse they are now using in the event of having to make this payment. It’s actually really smart as they got what they wanted when originally Boyle street was holding out for a massive overpay on the building because they knew OEG had to have it as part of the later stages of the Ice District development.

They’ll settle because Boyle street is likely in some sort of breach of contract and both sides know it. They don’t have to resources for a court battle with OEG, take what you can get and move on.

 

[OG Eberle]

We aren't talking about 9-5ers, we are talking about people with so much money they can buy sports teams and lobby the government to give them money to build stadiums for them.

For the record I am one of those weirdos who is okay with my taxes being raised if that means better services for people like the unhoused or poor. Wild, I know.

You're moving the goalposts and arguing something I'm not.

I've said nothing about not providing services for unhoused or poor. But if you read the article, he's given them $20million already, with $5million more to cover up whatever they didn't fundraise from their efforts. Bit of a different picture than you're trying to paint.

I'm saying if two parties agree to something and there are X-stipulations that require Y-action to occur, I don't think it's fair to say "well, even though we didn't fufill X-stipulations, you should still carry out Y-actions cause you have soooooo much more money than us"

Taxes have no bearing on this argument either. He's a private entity. Not the government.

 

[MrHeiskanen]

The whole deal was to facilitate getting the land and OEG structured it in a way that they would have the legal recourse they are now using in the event of having to make this payment. It’s actually really smart as they got what they wanted when originally Boyle street was holding out for a massive overpay on the building because they knew OEG had to have it as part of the later stages of the Ice District development.

They’ll settle because Boyle street is likely in some sort of breach of contract and both sides know it. They don’t have to resources for a court battle with OEG, take what you can get and move on.

What's the breach from Boyle?

 

[dalewood12]

Read the room, Darryl.

 

[ricky0034]

 

[OG Eberle]

He just negotiated a poor business deal, is crying about it, and suing. Is this strong business acumen?

Ah yes, I'm sure you know all the inner workings of the deal based off a CBC article and the exerpt from the affected party.

It's much more likely the multi-billionaire made a "bad business deal" as opposed to you not knowing all the facts but parading around here like you do and we're all stupid.

 

[Sol]

You're moving the goalposts and arguing something I'm not.

I've said nothing about not providing services for unhoused or poor. But if you read the article, he's given them $20million already, with $5million more to cover up whatever they didn't fundraise from their efforts. Bit of a different picture than you're trying to paint.

I'm saying if two parties agree to something and there are X-stipulations that require Y-action to occur, I don't think it's fair to say "well, even though we didn't fufill X-stipulations, you should still carry out Y-actions cause you have soooooo much more money than us"

Taxes have no bearing on this argument either. He's a private entity. Not the government.

Yeah, that’s kinda how contracts work. Strange that concept is not understood or just blatantly ignorant.

 

[S E P H]

This just in, nhl owners are scumbags

Explain how the bloke who owns the Sharks and gave money to the staff at SAP Centre during Covid during the lockdowns is a scumbag?

Don't get into this group mentality when it comes to politics, there are good and bad people of every kind. Katz is one who's had multiple negativity come his way and is a true scumbag.

 

[OG Eberle]

I'm as much about reform and working for the less fortunate vs how we currently change policy to affect the 1%'s bottom line as the next, but the line of thought and stance some of y'all are taking here is just dumb

a) Read the article, not the headline or the "facts" that the OP only wants you to know cause it fits his anti-Oiler agenda (enough receipts for you to see that yourself if you care)
b) Take out "billionaire" and "non-profit", switch them with "my mother" and "homeless guy on corner" and see if you still agree with your thought experiment on how the billionaire should just "give them the money cause he's got so much more than them" regardless of what they agreed to.

I highly highly highly doubt the billionaire business man is petty enough to go through a court system cause he doesn't want to pay $5million as opposed to him actually having legal ground to stand on.

Yeah, he loses in the court of public opinion for the 80% of you who make judgements off headlines, but that's not what he's after is it

 

[nturn06]

Of course he doesn't want to give away 5 million dollars. That will cut into his monthly nose candy budget.

Yikes, taking shots ar someone's health?

 

[Mr Positive]

That wording is pretty misleading. Katz should probably just pay the 25 million instead of 20 million though. It sounds like this shelter may have took advantage a bit but just make this a warning for next year.

 

[AhosDatsyukian]

Many nonprofits' leadership are significantly bigger scumbags (or sometimes just flat out idiots) than many billionaires. This seems to be a case of that as well. One thing billionaires (not heirs but those who have built up their wealth) have going for them is they understand how to manage $ efficiently and when they do invest in philanthropic efforts they don't want to see the $ wasted. It's extremely easy to misspend other people's money with no accountability. I encourage anyone interested in this type of topic to read Titan about John D Rockefeller and how he managed his extraordinary philanthropy.