Daryl Katz - Biography
Daryl Allan Katz (born 1962) is a Canadian businessman, philanthropist, and arts patron. With an estimated net worth of $US 2.0 billion (as of March 2011), Katz was ranked by Forbes as the 16th wealthiest Canadian and 595th in the world. The Edmonton-based Katz is chairman and chief executive officer of The Katz Group, Canada's leading drug store operators with over 1,800 stores and owns and operates the nation's only mail order pharmacy business, Meditrust Pharmacy Inc., one of Canada's largest institutional pharmacy operations, as well as the owner of the Edmonton Oilers. Katz is a former lawyer. He currently resides in Edmonton, Alberta.
Facts and figures
Daryl Katz' net worth is reported at C$2.43 Billion which makes him the 17th richest person in Canada. Through the Katz Group, he has business interests in retail pharmacies, pharmaceutical distribution, multiple sports teams, event production, and property development. The Katz Group also has naming rights to Rexall Place (Edmonton's NHL Hockey Arena).
Katz reportedly maintains a small circle of highly paid advisers who run Katz Group. Rexall Pharmacy is run from Ontario, while other subsidiaries of Katz group maintain private headquarters separate from Katz Group itself.
Through Rexall Sports - the sports division of the Katz Group - Daryl Katz owns four sports franchises.
In May 2007, Katz made a $145-million bid to buy the Edmonton Oilers franchise, which the owners of the team, the Edmonton Investors Group (EIG), quickly rejected, stating the team was not for sale.
In July 2007, he made another bid for the Oilers of $185-million, which was turned down by the Edmonton Investment Group (EIG) on August 7, 2007. On December 12, 2007, Katz made an offer of $188-million to the EIG. The Board of the EIG announced in January 2008 that it would again recommend to its shareholders to reject this latest bid.
On January 28, 2008, Katz increased his offer to $200 million and extended the acceptance deadline to February 5, 2008, at which time Katz was notified by the EIG that all its members agreed to sell the Oilers to him, pending league and financial approval. On June 18, 2008, Daryl Katz received the final OK from the National Hockey League to purchase the Edmonton Oilers, and then on July 2, 2008, he was officially announced as the owner of the Edmonton Oilers during a Press Conference at Rexall Place, where he was presented with an Edmonton Oilers Jersey with the number "08" and his last name patched onto the back.
Katz has hired a team of architects, engineers, consultants, and promoters to develop a plan for a new arena for the Oilers. Through a subsidiary of Katz Group, land in downtown Edmonton has been purchased. Katz envisions a sports and entertainment district. He has proposed to spearhead private development of condos, hotels, and entertainment venues in this area. Debate over government funding for the arena project is ongoing in Edmonton, but city council has approved the deal pending funding from either the Province, or a Community Revitalization Levy.
Daryl Katz attended Jasper Place Composite High School in 1980. studied at the University of Alberta, receiving both a bachelor's degree and a law degree. In 1990 he founded the Katz Group, which is well known for many pharmacies (Rexall Drugstores, Herbies/Payless,Pharma Plus Drugmarts, IDA, Guardian and Medicine Shoppe).
In October 2006 Katz announced a $7 million donation to the University of Alberta Faculty of Pharmacy and Pharmaceutical Sciences and Faculty of Law. Matched by the province, the gift was the largest donation ever to a Canadian pharmacy school. The west wing of the Health Research Innovation Facility at the corner of 87th Avenue and 114th Street in Edmonton has been named The Katz Group Centre for Pharmacy and Health Research.
In 2009 Katz donated $20 Million to Mount Sinai Hospital in Toronto and founded The Daryl A Katz Centre For Urgent And Critical Care.
Katz has also given "millions" to the Stollery Children's hospital in Edmonton, as well as supporting public events.
Between 2005 and 2010, Katz and his wife have donated "over $50 million" to organizations and institutions across Canada.
Katz's riverfront mansion at 4 Valleyview Point in the Parkview neighbourhood, is one of the largest houses in Edmonton at , and estimated to be worth C$20 million. The property overlooks the North Saskatchewan river valley, Hawrelak Park, and the downtown city skyline and is easily visible and instantly recognizable from the river valley's many trails. The great room is clad floor-to-ceiling in blocks of ancient Italian limestone and with -high windows framing a view of downtown. The property also features two swimming pools. For his kids, Katz bought the multi-million dollar house next to his, demolished it, and built a practice hockey rink.
Katz also owns homes in the US and British Columbia, one of them reportedly a near carbon copy of his Edmonton home.
- The Katz Group of Companies
- Report on Business company snapshot
- Forbes.com profile
- Globeandmail.com article