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Edmonton Oilers arena: Daryl Katz 'hopeful' despite Council move

As the Oilers continue to push for a new arena that would secure the team's future in Edmonton, their owner, Daryl Katz, remains hopeful despite City Council deciding to break off negotiations for a new downtown venue. The two sides had been working diligently to work out an agreement that would work for both the franchise and the city in terms of revenue and logistics, but they have hit quite a few snags thus far.

Katz released a statement on City Council's decision to break off negotiations.

"We are concerned about the implications of the motion passed yesterday by City Council. We do not yet have a view on what comes next, but we remain hopeful that there is a solution that achieves the mutual goal of securing the Oilers' long-term sustainability in Edmonton."

It is unclear what the next step is for Katz and the Oilers. There have been talks of relocation to Seattle, although there is nothing concrete as of yet. There is also a chance the team remains in Edmonton, but a new arena would likely have to be built in order for that to happen.