Report: Oilers sold to NBA's Rockets owner

The Edmonton Oilers have been sold to the owner of the NBA's Houston Rockets and will stay in Edmonton for at least three years, the Edmonton Journal reported Friday.

The Oilers, NHL's powerhouse of the 80's, were put up for sale four months ago by owner Peter Pocklington.

The team would be purchased by Leslie Alexander, reportedly for $85 million, and would stay in Edmonton for at least three years.

After that period Alexander could move the team to Houston if it didn't show any profit.

If the team did make money, Alexander would get an expansion franchise of his own for Houston but would have to sell the Oilers to someone who would keep the team in Edmonton.

An Oilers spokesman denied the whole thing and called it media speculation.

Edmonton city council would have to ratify the agreement, as would would Edmonton Northlands, the city corporation that owns the arena.

The NHL would also have to approve the deal.