‘Major announcement’ coming Tuesday for Edmonton’s new downtown arena

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Mystery and intrigue surrounds a “major announcement” about Edmonton’s new downtown arena.

The announcement, headed up by Rexall Sports Corporation, is scheduled for Tuesday, according to a media advisory put out by the Edmonton Oilers on Monday.

Edmonton’s mayor Don Iveson is also expected to be on hand.

In May, Edmonton’s city council voted in favor of a new funding arrangement for construction of the downtown arena, worth $480 million.

It’s been reported that construction on the new arena could begin in the New Year. It’s possible the Oilers are playing in their new arena by 2016.

A week prior to council approving the new arena, the proposed building hit a snag due to a $55 million funding shortfall.

The new arena may already have a positive impact financial impact on the Oilers’ franchise, particularly owner Daryl Katz, according to David Staples, a columnist with the Edmonton Journal.

As per the Edmonton Journal, the Oilers’ value boosted up to $400 million – an increase of 78 per cent over the last year – in the latest Forbes Magazine rankings of all 30 NHL clubs.