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

[klefbombs shoulder]

The initial deal was announced at the end of 2021. By the end of 2022 Boyle Street had raised 7.6 of the needed 8.5 million. How much did they raise in 2023? Less than 0.9 million if they are asking for the full 5 million.

Why the steep drop off in money raised?

 

[Panteras]

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

Not even a pizza party? Wow

 

[MrHeiskanen]

The initial deal was announced at the end of 2021. By the end of 2022 Boyle Street had raised 7.6 of the needed 8.5 million. How much did they raise in 2023? Less than 0.9 million if they are asking for the full 5 million.

Why the steep drop off in money raised?

Why the sudden drop off? Campaign was over, time to collect on the $5m promised so they can commence the new building.

Should the campaign go on for eternity so they hit 13.5 million and Katz doesn't need to give up a penny and they just wait X years for a new building?

 

[Ol' Jase]

Mostly through the EOCF.

The EOCF that conducts the 50/50 fundraisers at Oilers games.

The Oilers 50/50 is routinely the biggest one in North America, raising millions every gameday.

Katz makes "donations" from the 50/50 with your money and then claims a charitable tax break.

Pretty sweet racket, in all honesty.

No, that’s not how the EOCF works. Katz doesn’t personally claim any “charitable tax breaks” through 50/50 fundraising.

 

[klefbombs shoulder]

Why the sudden drop off? Campaign was over, time to collect on the $5m promised so they can commence the new building.

Should the campaign go on for eternity so they hit 13.5 million and Katz doesn't need to give up a penny and they just wait X years for a new building?

Pure speculation on your part, thanks random hf forum user!

Commence the new building? Its been under construction since 2021 and was supposed to be done in 2023, now delayed till 2025. Thanks for babbling about a city you know nothing about though.

And whos talking about 30 years?

 

[DavidpauseReinbacher]

This story will get buried like the ballerina one. Epstein of Edmonton.

 

[MrHeiskanen]

Pure speculation on your part, thanks random hf forum user!

And whos talking about 30 years?

Everyone is speculating here, based on the evidence from the court docs I have formed my opinion. Wowza.

 

[Rubi]

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

I doubt homeless shelters are rolling in the dough. Most people that work there are working for free and those that are getting paid certainly aren't getting rich.

 

[MrHeiskanen]

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

Depends, not every non-profit is the same right? Some are rolling in cash, some are probably barely able to keep the lights on. Blanket statements are silly.

 

[McVespa99]

According to documents, Katz's real estate group is trying to take back or not give a 5million dollar donation that they originally promised and negotiated with Boyle Street Community Service.

From my understanding, Katz group bought the downtown property from Boyle Street Community Service , which houses the homeless in Edmonton. Part of the negotiation was this donation to help with the relocation of Boyle Street Community Service.

Katz is arguing he shouldnt have to provide the 5 million dollar donation anymore because the Non-profit organization didnt do enough fundraising on their own.

Katz networth btw is 4.4 Billion.

https://www.cbc.ca/news/canada/edmonton/katz-group-launches-court-battle-with-edmonton-homeless-organization-over-5-million-donation-1.7109439

convenient that you left out most of the pertinent details.

 

[klefbombs shoulder]

Everyone is speculating here, based on the evidence from the court docs I have formed my opinion. Wowza.

You have formed very poor opinions. Katz is a bad businessman apparently lol.

You are also speculating that Boyle street did indeed sit on their hands for the last year and not raise any money. In which case the Katz group would likely not have to pay the additional 5 million.

Boyle street would need to wait 30 years to start construction (what?).

Maybe leave the discussion to those who can properly discern facts from a news article.

 

[MrHeiskanen]

You have formed very poor opinions. Kats is a bad businessman apparently lol.

Boyle street would need to wait 30 years to start construction (what?).

Maybe leave the discussion to those who can properly discern facts from a news article.

Okay

 

[SupremeTeam16]

What's the breach from Boyle?

Well I haven’t reviewed the contract with a fine tooth comb so it’s impossible to say but OEG legal team would of likely tried to bury something in there they could use down the road, clearly they have enough confidence there’s been some sort of breach to file an application with the courts.

But really they don’t need a home run here, the threat of legal action is going to be enough to get a settlement or get Boyle Street to walk away all together. As I said earlier they can’t afford a protracted legal battle with OEG, if they have it out in the courts and don’t win, that could be devastating to their organization, it’s likely not worth the risk in their eyes.

 

[ChaoticOrange]

No, that’s not how the EOCF works. Katz doesn’t personally claim any “charitable tax breaks” through 50/50 fundraising.

It's exactly how the EOCF works.

Their (publicly available) 2019 figures show they brought in 10.3 million dollars (including 6.8 million from the 50/50) and disbursed 6.7 million.

They then got to write off nearly 4.5 million worth of "charitable activities"

Given how much the 50/50 has grown since then, god knows what their 2022 and 2023 books look like.

 

[klefbombs shoulder]

Okay

Yep, nothing left to say. Thanks for the talk though, hope you learned something.

 

[God]

Just from the article alone, I don't understand how anybody is defending Katz here. His people made a bad deal. Why that was even in the deal is beyond me.

He might as well have just paid up X+5 million or whatever instead of the X million he originally paid. The Oilers are one of the most valuable teams in the NHL and I presume the land purchased is to increase that valuation. Consider it an investment. What a stupid lawsuit.

 

[12ozPapa]

Awesome! Another Oilers thread!

 

[klefbombs shoulder]

Just from the article alone, I don't understand how anybody is defending Katz here. His people made a bad deal. Why that was even in the deal is beyond me.

Its very shortsighted to call this a bad deal for Katz. Even if he does end up paying the extra 5 million, he still acquired a piece of landed need to build phase 2 of the ice district. When built out that will be worth hundreds of millions.

 

[PunchImlach is Alive]

If you're a billionaire with no intention of actually helping people, just cut this shit out. This myth of the benevolent oligarch needs to die out and the practice of reputation laundering always strangles the people who need the help the most.

 

[Lazlo Hollyfeld]

When you read the article, the situation is far from clear:

Katz group alleges that Boyle street didn't try hard enough to fundraise.

Boyle street alleges:
- it reached out to thousands of supporters, politicians and ran ad campaigns and also tried to get city, provincial, and federal funding through grants.
- Katz Group offered to support the fundraising but was generally unresponsive.
- it is still continuing fundraising efforts.
- when it ran into construction delays on its new home, Katz group offered to extend for a nominal fee but Boyle Street had to forego the $5 million backstop promise.
- They tried to collect the $5 million once they were off the property but Katz group refused to pay.
- that basically once they vacated the land Katz Group wanted, Katz Group refused to pay the $5 million.
- That it must now use precious funds to fight this countersuit by Katz group.

Katz group denies asking Boyle Street to forego the backstop in exchange for the extended lease.

To date none of these claims from either side have been proven in court.


To me, having a donation contingent on fundraising seems like an obvious potential mess. What constitutes "trying hard enough?" Whether justified or not, trying to get out of a $5 million donation is also a bad look. Making a non-profit spend resources to fight the lawsuit is also a bad look.

It seems like this could've been avoided if Katz Group had put in clearer language like a dollar for dollar match after a certain point.

Justified or not this seems like a terrible decision by the Katz group.

 

[Ol' Jase]

It's exactly how the EOCF works.

Their (publicly available) 2019 figures show they brought in 10.3 million dollars (including 6.8 million from the 50/50) and disbursed 6.7 million.

They then got to write off nearly 4.5 million worth of "charitable activities"

Given how much the 50/50 has grown since then, god knows what their 2022 and 2023 books look like.

No, Daryl Katz does not receive personal tax breaks through the EOCF.

You don’t understand how non-profits work.

 

[Sol]

Depends, not every non-profit is the same right? Some are rolling in cash, some are probably barely able to keep the lights on. Blanket statements are silly.

Yeah so let’s not act like they’re victims.

 

[Lazlo Hollyfeld]

The initial deal was announced at the end of 2021. By the end of 2022 Boyle Street had raised 7.6 of the needed 8.5 million. How much did they raise in 2023? Less than 0.9 million if they are asking for the full 5 million.

Why the steep drop off in money raised?

Because fundraising isn't a straight line. Fundraising typically slows down to a trickle when you've tapped all your resources.

 

[PuckG]

Awesome! Another Oilers thread!

Awesome! Another Oilers thread!

Created by - you guessed it - another Canucks or Flames fan!

 

[OG Eberle]

And you're gullible enough to believe this obvious fluff piece?

Sinus infections don't make you look like Artie Lange ffs

OT: Lumpens who simp for billionaires are just the worst kind of people.

Wtf is wrong with people on this board these days where they feel they can parade around in anonymity and just make fun of people literally battling life threatening illnesses and think it's the right thing to do? Or even better yet, tell everyone else how the article showing what he's going through is fake cause "its an obvious fluff piece" and "sinus infections don't make you look like X-person" like you're some medical expert.