July 8, 2008 / 7:08 AM / in 10 years

CIT agrees to lend Katz $100 mln to buy Oilers: report

(Reuters) - CIT Group Inc (CIT.N) completed a $100 million loan agreement with Daryl Katz for the purchase of Canadian ice hockey team the Edmonton Oilers, The Wall Street Journal said.

Katz agreed to purchase the Oilers in February for $200 million.

    “The debt markets have been a little finicky,” Gordon Saint-Denis, managing director of media, entertainment and sports for CIT, told the paper.

    “But this is a deal for a hockey team in Canada, where hockey is king, and Edmonton has been doing very well from an economic standpoint,” he was quoted as saying.

    CIT could not be immediately reached for comment.

    Reporting by Ajay Kamalakaran in Bangalore; Editing by Erica Billingham

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