Nichols was eventually able to assemble a group of 38 local investors. As the deadline neared, the Edmonton Investors Group (EIG) decided to commit to the purchase by matching Alexander's deposit with a down payment of US$5 million (C$7 million). The remainder of the US$70 million (C$100 million) was paid to ATB 40 days later. On May 5, 1998, the NHL approved the sale and the EIG officially become the NHL owners. Although major sporting leagues generally frown upon large ownership groups controlling franchises, the NHL decided to forego putting a team in Houston and allow the Oilers' sale to EIG to proceed as they did not want to lose any more Canadian teams – this would have put their lucrative Canadian television contracts in jeopardy.