1974, against the Cleveland Crusaders. After its first game, the Coliseum received positive reviews by visitors and sportswriters. The EEA held an official grand opening event open July 1, 1975. By the early-1990s, the Coliseum had begun to lag behind newer NHL arenas in terms of amenities such as luxury boxes. Amid financial turmoil, including the team having signed away multiple star players (such as Wayne Gretzky), team owner Peter Pocklington threatened to re-locate the Oilers unless he was given full control of the Coliseum and all of its revenue, and could build luxury boxes in the arena. In 1994, he reached a rent agreement with Northlands valued at $2.8 million per-year. The agreement contained clauses requiring the Oilers to remain in Edmonton for 10 years, and requiring that the team be offered to local investors for a fixed price of US$70 million within 30 days if a current or proposed owner announces an intent to re-locate the team. In 1997, a proposed sale to Leslie Alexander triggered the clause, resulting in the Edmonton Investors Group (EIG) being formed to purchase the team. Northlands regained control of the Coliseum, with the Oilers agreeing to pay operational costs and $1 in rent per-year, in exchange for being able to receive revenue from hockey games and designated parking spots at the arena, and being able to sell naming rights. In October 1998, the Coliseum was renamed Skyreach Centre after a naming rights agreement with Skyreach Equipment. In November 2003, the naming rights were acquired by the pharmacy chain Rexall, under which it was renamed Rexall Place. The chain's then-parent Katz Group later purchased the Oilers and the Oil Kings. Before the 2007–08 season started, the Oilers dressing room underwent a $3.5 million renovation. The room is wider with a new medical room, lounge, bar, video room, weight room as well as other new facilities. Replacement by Rogers Place, Closure, & Demolition Plans Given the age and small size of the Coliseum (which was second-oldest and third-smallest arena in the NHL as of 2015), the construction of a new arena for the Edmonton Oilers was proposed by the Katz Group in 2010. An agreement was reached in January 2012 between the Katz Group and the City of Edmonton for the construction of Rogers Place in downtown Edmonton. Construction started in March 2014, and it opened in September 2016 with a seating capacity of