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The Edmonton Oilers announced on Tuesday that the citys downtown arena project has been given the green light to begin construction in next month and the teams new home will be scheduled to open in the fall of 2016. The City of Edmonton and Katz Group said that the $480 million Guaranteed Maximum Price (GMP) for Rogers Place has been met. "For the Katz Group and the Edmonton Oilers, we have always believed Edmontons need for a new arena was a huge opportunity to help transform our downtown into the vibrant, diverse and dynamic community that is the hallmark of every great city," said Oilers owner Daryl Katz in a statement. "We couldnt be more excited to see that vision becoming a reality and I want to thank Mayor Iveson, City Council, former Mayor Stephen Mandel, and the entire team at the City and everyone else who has laboured over this project for years for their tenacity and faith in this project." In addition to the $480 million for the arena, the cost was also confirmed through the GMP process for the four other components of the project - a community rink, Winter Garden, LRT connection and pedestrian pedway. The total price for the arena project is $606.5 million, which includes a $2 million contribution from MacEwan University towards the community rink to increase capacity and improve functionality. "This is an exciting day for Edmonton as we move ahead with a project that will help realize our vision of a more vibrant downtown and ensures that the Edmonton Oilers remain a vital part of our city for years to come," said Edmonton Mayor Don Iveson. "The look of Rogers Place is bold and forward-looking, just like Edmonton. As part of our downtown vision, it will serve as a symbol of our citys great future." The GMP process means that the construction manager bears all risk for cost increases in labour and materials throughout the project, protecting the City and Katz Group from having to pay more if the costs change. The new arena will seat 18,641 for hockey, with added corporate suites, wider concourses and diverse amenities. The Oilers have played out of Rexall Place since 1974 - when it was called Northlands Coliseum. Trent Williams Jersey . PETERSBURG, Fla. Jonathan Allen Jersey . As future stars prepare to make the big leap to the professional ranks, TSNs Draft Week delivers wall-to-wall coverage of both the NHL and NBA Entry Drafts, highlighted by exclusive live coverage of both events. http://www.officialwashingtonredskinsfootball.com/authentic-chase-roullier-jersey-womens . The defending champions sent their preliminary list to FIFA on Tuesday, with coach Vicente del Bosque to announce the final 23-man squad on May 25. Costa is set to lead the attack in his native Brazil, with Atletico Madrid teammate David Villa and Chelseas Fernando Torres also included, while David de Gea replaces injured goalkeeper Victor Valdes. Rob Kelley Jersey .com) - Minnesota Vikings fans would surely concede Teddy Bridgewater is not Peyton Manning. Clinton Portis Jersey . The shortstop still grieves, but it will be nights like the one Segura had in a 5-2 victory Monday over the Cincinnati Reds that will provide some distraction.CHICAGO -- Pitcher Jose Quintana and the Chicago White Sox have agreed to a $21 million, five-year contract that would increase to $26.5 million if he is eligible for salary arbitration after this season. The deal announced Monday includes two team options that could add $22 million. Quintana has 1 year, 133 days of major league service. The cutoff for arbitration eligibility was 2 years, 122 days this year and 2-139 last year. After agreeing this month to a one-year deal paying $550,000 in the major leagues and $300,000 in the minors, Quintero gets an $850,000 salary this season. If eligible for arbitration at the end of this year, he would get $3.4 million in 2015, $5.dddddddddddd million in 2016, $7 million in 2017 and $8.85 million in 2018. If not eligible for arbitration after this season, Quintana would receive $1 million in 2015, $3.8 million in 2016, $6 million in 2017 and $8.35 million in 2018. Chicago has a $10.5 million option for 2019 with a $1 million buyout. If thats exercised, the White Sox have a $10.5 million option for 2020 with a $1 million buyout. If he wins a Cy Young Award at any point through 2019, the 2020 option price would increase to $14 million, If he finishes second or third in the voting at any point through 2019, the 2020 option would rise to $13 million. 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