EDMONTON - Daryl Katz, the self-proclaimed biggest fan of the Edmonton Oilers, takes ownership of the team today, with every intention of bringing the fun back to the franchise.

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The 47-year-old billionaire shared that message with his management team, the same men who have long run the Oilers -- chairman Cal Nichols, president Patrick LaForge, GM Kevin Lowe and coach Craig MacTavish -- all of whom will continue in their positions.

"I tell Kevin, Patrick and MacT the same thing -- we're going to have a lot of fun," Katz said in his first one-on-one interview since making the deal to buy the team.

"Fun is a great thing, it's better than the alternative," Nichols said, adding he hopes the team can recapture the magic of the 2006 Stanley Cup run.

Cheques have gone out to the previous owners, the 34 members of the Edmonton Investors Group, closing the deal.

Katz said he wants to do something special with the Oilers. Boiled down, he said, his mission is for the Oilers to be an "elite team at the heart of the city."

"I think the city deserves it, and now is the right time. And I think the Oilers franchise deserves it. This is one of the most storied franchises in the league. This team deserves to be an elite team."

Dressed in jeans and a track-suit top, Katz took time out from his deal-making to sit down for an interview in his riverbank mansion overlooking Hawrelak Park.

Various buzzes and beeps constantly sounded from Katz's cellphones and communicators as he talked, a testament to his busy life in business.

He came across as affable, relaxed but focused, and passionate about turning the Oilers into a top team again.

But he was clearly still coming to grips with his latest acquisition.

"It's surreal. The Oilers have a history in the sport that not many teams have. I guess if I look back today, it's a dream come true."

"How many Canadian kids have dreamed to play in the NHL, let alone own an NHL team, so for me it's fantastic. I'm going to continue to be the team's biggest fan."

Katz said when he first thought about buying the Oilers, he studied the existing management team and was impressed.

He talked to NHL commissioner Gary Bettman about buying the Oilers in March 2007 and stressed he would do so only if Nichols was part of the equation.

"If it wasn't for Cal, the Oilers wouldn't be in Edmonton," Katz said. "Cal, more than anyone, deserved to continue to be involved."

Nichols, who will stay on as chairman and also take the role of alternate governor at NHL board meetings, said he's glad the management team will remain in place. "I hope it's a good thing ... I think there needs to be a connection between the past and the future."

But Nichols said his role will change. "To me, it comes with less pressure. I don't have any financial skin left in the game."

Nichols said he was impressed with Katz's commitment to the community, especially in regards to plans to build a new downtown arena. "He is stepping up and making this the centrepiece of redevelopment. The whole community prospers from that."