This season will mark the hockey clubs eighth straight year absent from post-regular season play.
"I know this will almost certainly be the eighth consecutive year since we made the playoffs," says Katz in the letter. "I hate that fact as much as anyone, but the reality is that this is only year four of the rebuild that started when we drafted Taylor Hall."
By comparison, the Pittsburgh Penguins hoisted Stanley Cup a mere three years after starting their rebuild in 2005.
The Oilers certainly have to put up record numbers and vastly improve on their 15-30-6 record if they want to contend for a playoff spot. The club is currently last in the Western Conference standings, 23 points behind the Minnesota Wild, who holds the final wildcard spot in the division.
The teams' struggles have prompted rumors of a blockbuster trade, however Katz isn't quite willing to take the trade route.
"But I can also tell you that we are not going to sacrifice the future by doing something short-term," he said. "Those days are over and they're not coming back.
"If we're going to rebuild, we want to do it right and we only want to do it once."
Katz is asking Oilers fans to be patient with the club while they continue to rebuild.