On December 13, 2007 Daryl Katz submitted a fourth formal offer to the EIG to buy the franchise. The offer was C$188 million ($ in dollars) to the EIG shareholders, plus another $100 million towards the building of a new arena in downtown Edmonton, as well as a new state of the art training facility located at the University of Alberta. Cal Nichols indicated that he would accept the offer for his share of the team, but that the EIG had to have the owners of 2/3 of the shares agree to the proposal. Cal Nichols resigned as chairman of the board of directors for the EIG on December 14, 2007. Assuming the position of chairman of the board was Bill Butler, a minority shareholder & real estate developer. The EIG met to decide on the bid January 21, 2008.