CALGARY — The Calgary Flames pulled out of an arena deal with the city because team owners were no longer willing to shoulder a disproportionate amount of rising costs or more risk.
Calgary Sports and Entertainment Corporation president and chief executive officer John Bean says there is no viable path forward to complete the Event Centre.
Mayor Jyoti Gondek announced Tuesday the Event Centre is not moving forward because CSEC chair Murray Edwards told her the Flames intended to pull the plug on the deal.
The city and the Flames agreed on an arena deal over two years ago with the initial estimate of $550 million split between the two.
The estimate has risen to $634 million according to the Flames, with the team paying for more of it than the city.
The Flames balked at an additional $19 million in roadway and sidewalk infrastructure and climate mitigation costs the city has added to the project since July.
Gondek, who was elected in October, said there is a gap of $9.7 million between the city and the team.
The Flames have played out of the Saddledome for 38 years, and Bean says the team will remain there.
This report by The Canadian Press was first published Dec. 22, 2021.
The Canadian Press