Throughout the 1980's, the Edmonton Oilers were on top of the hockey world with one of the most famous dynasty runs in the history of the NHL. Between 1984 and 1990, the Oilers won five out of seven Stanley Cups. The team was on top of the world, having stolen the torch from the New York Islanders, ending their dynasty run throughout the early 1980's
The team also boasts one of the most illustrious group of alumni, with players such as; Wayne Gretzky, Mark Messier, Jari Kurri, Paul Coffey, Grant Fuhr, Glenn Anderson, Kevin Lowe, and many more. However, a tumultuous run in the following decade would make all of this success a distant memory.
Following their final cup run in 1990, two years after trading franchise cornerstone Wayne Gretzky for Jimmy Carson as well as $15 million in cash -- which the trade itself has many conspiracy theories attached to it -- the Oilers started dismantling the core one-by-one, reportedly due to monetary concerns. The team could no longer afford to have a payroll full of stars like they did throughout the previous decade.
Slowly, the franchise slipped out of relevancy, missing the playoffs for three straight seasons from 1992-93 until 1995-96. Now with financial troubles and then team performance troubles, the Oilers were really a disaster on all fronts.
Should I stay or should I go?
Throughout the 1990's the financial troubles of then owner, Peter Pocklington were very clear, forcing him to move out many fan favorites and dismantle the Oilers core. He even publicly threatened to move the franchise on multiple occasions to places like Hamilton, Ontario and Minneapolis, Minnesota.
However, the most public was when he negotiated a sale with then owner of the NBA franchise the Houston Rockets, Les Alexander. The Oilers were very close to being moved to Houston by Alexander and were less than a week away from the deal being closed and NHL hockey leaving the City of Champions.
It got down to the wire but in 1998, a group of local investors stepped in to save the club from moving, called the Edmonton Investors Group. They had the backing of NHL commissioner Gary Bettman who played a hand in keeping the franchise north of the border, something he gets very little credit for. Although this was a good save for the franchise, then general manager Glen Sather was unable to re-sign free agent netminder, Curtis 'Cujo' Joseph to the dismay of fans.
The club was able to see some success with their new owners, making the Stanley Cup finals in 2006 but ultimately losing to the Carolina Hurricanes. Then in 2008, after ten years of ownership, the Edmonton Investors Group, sold the team to local businessman, Darryl Katz. Katz still owns the Oilers to this day and despite a rocky start, he has been able to see the team make it to back-to-back cup finals appearances.