EDMONTON, Alberta -- The Edmonton Oilers are not for sale.

That was the message Tuesday from Cal Nichols, chairman of the 33-member group that owns and operates the NHL franchise.

Nichols said the Edmonton Investors Group resoundingly rejected the latest bid of $176 million from local tycoon Daryl Katz to buy the team. He said they also passed a motion declaring the team is not for sale.

"This is not about dollars. This is about Edmonton," Nichols said at a news conference.

Katz promised to help bankroll a new rink downtown estimated at $475 million, build a new training facility and spend the maximum amount on player salaries allowed under the league's salary cap.

The Edmonton Investors Group had 38 members when it purchased the Oilers for $95 million nine years ago. Forbes values the club at $146 million.

The team has nearly reached its maximum of 14,000 season tickets.