Oilers sign Lowe to contract extension

[Habsfan84]

TSN has learned that the Edmonton Oilers have signed Kevin Lowe to a four-year contract extension.
The team will make the announcement official at a media conference on Saturday morning.
Lowe, 48, took over for longtime GM Glen Sather in 2000 after spending the previous season as the head coach. The Oilers have made the playoffs three times during his tenure, including a run to the Stanley Cup final in 2006.
After failing to make the postseason last spring, the former Oilers defenceman had one of the busiest - and most controverisal - offseasons among the NHL's 30 team executives.
In July, he acquired point men Dick Tarnstrom, Joni Pitkanen and Sheldon Souray via trades and free agency, and also made eye-popping moves in the restricted free agent market. He grabbed headlines by signing restricted free agent Thomas Vanek to a seven-year, $50 million offer sheet, which the Buffalo Sabres quickly matched.

Lowe then signed restricted free agent Dustin Penner to a five-year, $21.25 million offer sheet. The Anaheim Ducks walked away from the deal, and general manager Brian Burke accused Lowe of over-inflating his former player's value.
Lowe was the Oilers' first-ever draft pick when he was selected 21st overall in the 1979 NHL Draft. During 19 seasons in the NHL, he played in 1,254 regular season games and 214 playoff games, winning six Stanley Cups.
In 2000, he was named as Assistant Executive Director of Canada Olympic Hockey for the 2002 Winter Olympic Games and helped put together a team of NHL players that won the Olympic gold medal for Canada for the first time in 50 years.