(Calgary) The company that owns the Calgary Flames has revealed that the agreement with the city to build a new amphitheater to replace the aging Scotiabank Saddledome has been terminated.
The Calgary Sports and Entertainment Corporation said in a statement that the agreement ended when the city and CBSC waived “construction conditions” on Friday.
Termination of the deal has been expected since the CBSC informed the city on December 21 of its intention to withdraw from the deal.
The city and the Flames made a deal to build an amphitheater over two years ago with an estimated initial cost of CAN 550 million split between the two.
The estimated cost of the project now stands at 634 million.
CBSC President and CEO John Bean said his company’s involvement would be 346.5 million compared to the city’s 287.5 million, and added that the Flames bear the risk of increased costs in the future.