The Edmonton Oilers have always been about more for Edmonton than a mere hockey franchise. They represent determination, dedication, and an unrelenting belief that small markets can not only make waves but also dominate in the league’s biggest brands. That faith translated into a financial reality in 2023-24 when the Oilers set an NHL record, generating a record $388 million in revenue and becoming the league’s most lucrative team. It’s a feat that places them ahead of traditional financial stalwarts, such as Toronto’s Maple Leafs and New York Rangers, with Edmonton having the NHL’s third-smallest metropolitan population base.

This accomplishment is even more significant because the Oilers hail from a blue-collar city, and its fan base has endured financial crises and uncertainty about its economy. Despite all of that, though, they remained loyal to their team, a devotion that has placed the franchise in a position with the league’s financial titans. Their deep run fueled predominantly their revenue gain in the playoffs, in which ticket sales, merchandise sales, and sponsorship deals all reached record totals. The playoff run for the Oilers not only produced buzz—but produced a record-setting financial year and revenue.

Of course, Connor McDavid and Leon Draisaitl, two of the NHL’s biggest stars, have helped make must-watch, prime-time television out of the Oilers. Not only have they helped make Edmonton must-watch hockey, but national and international eyes have tuned in, and with them, big endorsements and television rating spikes have ensued. But even apart from in-game product, success in monetizing its ICE District development—the $600-million-plus downtown arena complex—has helped make the team a financial titan. It secured the team’s future in Edmonton and helped stimulate over $2 billion in private investment in the surrounding community, creating a thriving entertainment district.

However, as significant as these factors have been, the biggest driving force for this record financial success is still the Oilers’ fan base. Edmonton has long been renowned for having loyal followers, but their devotion to the team, even during poor years, has been nothing short of astounding.

The unmatched devotion of Oilers fans

Oilers fans have not been passive observers but have always been the franchise’s lifeblood. The franchise’s history is filled with examples of the fan base fighting to save the Oilers in one form or another. In 1979, when Molson Brewery (the owners of the Montreal Canadiens) refused to let Edmonton and two other cities to join the NHL from the WHA, fans retaliated with a massive boycott of Molson products, and they changed their stance afterward.

Years later, when owner Peter Pocklington traded away Wayne Gretzky and then Mark Messier, fans didn’t let the team disintegrate. A season-ticket drive led by local businessman Cal Nichols kept the team in Edmonton, unlike fellow Canadian teams in Quebec and Winnipeg, which relocated when similar fan resistance couldn’t save them. That same loyalty has persisted through the years, even during the Decade of Darkness, when the Oilers couldn’t reach the playoffs but still packed the arena every night.

The construction of Ice District and Rogers Place was yet another case in which the fans played a deciding role in shaping events. Despite initial hesitation regarding public financing for the arena, fan demand for having a competitive Oilers sealed the fate of the development. What happened? It is one of the NHL’s finest hockey stadiums and a financial windfall for the team.

The 2024 Stanley Cup run represented a realization of all that the Oilers’ followers waited for. Full Rogers Place, record merchandise sales, and an environment unparalleled anywhere else in the NHL. Even when tickets shot through the roof with demand, followers flocked, and Edmonton’s arena ranked amongst the loudest and most packed-to-the-rafters in the NHL. Owner Daryl Katz has played a big role, investing in the team and to the salary cap annually in an attempt to sign its stars. Unlike some franchises, who will not spend big in a small marketplace, the Oilers have taken an all-in approach, knowing its fan base will forever have its back.

The Edmonton Oilers’ record $388-million revenue season is a tribute to the tenacity of fan devotion. In a league in which big-market clubs have long reigned supreme, a city with one of the lowest metropolitan populations in North America has outpaced all other teams, a tribute to the reality that devotion and dedication can be a catalyst for financial success. With McDavid, Draisaitl, and an owner group willing to spend, not only is the Oilers’ success happening on the ice, but one of the NHL’s most powerful franchises has emerged in a city that will soon no longer simply be a hockey city but a gold standard for success in a new era of NHL.