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The Edmonton Oilers have gone up in value $405 million US since Daryl Katz bought the team in July 2008, according to Forbes magazine valuations.

Forbes’ most recent valuation of NHL teams is now out, with the most valuable NHL team, the New York Rangers, pegged at $1.65 billion and the least valuable Arizona Coyotes at $300 million.

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Forbes now values the Oilers at $575 million US. Katz bought the team from the Edmonton Investors Group in July 2008 for $170 million US.

In the ten years that Katz has owned the Oilers, the team has made the playoffs only once, but it’s benefitted from both the 2005 and 2012 lock-outs, the new downtown arena, and the drafting of superstar Connor McDavid.

Forbes reports that the Oilers had an operating profit of $16 million US last year, down from $21 million US in 2017-18.

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