Edmonton businessman who helped save Oilers from relocation dead at 84
One of the most important figures in Edmonton Oilers history has died.
Local businessman Cal Nichols died on Sunday at the age of 84. The Saskatchewan native is best-known for gathering 38 investors to form the Edmonton Investors Group (EIG) to help keep the Oilers in the Alberta capital during the late 1990s.
His efforts helped save the team from financial difficulties and fended off an attempt by Texas businessman Leslie Alexander to buy and relocate the Oilers to Houston.
EIG was successful in their bid to keep the Oilers in Alberta, purchasing the team for $70 million in 1998 and held ownership until 2008. Nichols worked with EIG as their founder, chairman and NHL governor during that span.
The Oilers broke the news of Nichols’ death on Sunday afternoon.
“On behalf of his family, it is with profound sadness that we announce the passing of former Edmonton Investors Group Chairman, Cal Nichols,” the team shared on social media. “Our hearts are with Nichols’ family and friends. Once an Oiler, Always an Oiler.”
On behalf of his family, it is with profound sadness that we announce the passing of former Edmonton Investors Group Chairman, Cal Nichols.
Our hearts are with Nichols' family & friends. Once an Oiler, Always an Oiler. pic.twitter.com/J00sMtqEEC
— Edmonton Oilers (@EdmontonOilers) September 13, 2026
Nichols may be the most important person who never played a game with the hockey club. It was largely due to his efforts that the Oilers continue to play in Edmonton. Without him, it’s likely that the team would have been poached by an American owner and relocated out of Canada.
Under his watch as chairman of EIG, the Oilers blossomed into a financially successful hockey club and eventually drew the interest of another Canadian businessman, Daryl Katz, in 2007. The pharmacy magnate made four offers to buy the team before EIG decided to sell the Oilers to Katz for $200 million in 2008. Katz has been the owner of the team ever since.
NHL commissioner Gary Bettman released a statement on Nichols passing, praising his efforts in saving the Oilers.
“It is difficult to imagine that the Oilers would still be in Edmonton if not for Cal Nichols,” Bettman said. “During the 1990s, Nichols stepped forward repeatedly to not only save the franchise from leaving the city that adores it, but to ensure its long-term stability and success.
“Cal was a friend and trusted confidant on whom I could rely for wise counsel and for relentless effort on behalf of the franchise he loved. The National Hockey League family mourns his passing.”
#NHL commissioner Gary Bettman statement on the passing of Cal Nichols, who spearheaded the Edmonton Investors Group that saved the #Oilers. pic.twitter.com/ReTfbCPdfP
— Frank Seravalli (@frank_seravalli) September 13, 2026
The Oilers confirmed in a release that Nichols had been a season seat holder for the team up until his death.
Nichols was awarded the Order of Canada in 2015, inducted into the Alberta Business Hall of Fame in 2002, and received the Queen’s Golden Jubilee Medal in 2002 as well.
He leaves behind a wife, two kids, and five grandchildren.