The Calgary Flames are reportedly intending to pull out of a multi-hundred million dollar project to build a new arena, Calgary Mayor Jyoti Gondek said on Tuesday.
In a series of tweets, she said Calgary Sports and Entertainment Corporation (CSEC) co-owner Murray Edwards called her to let her know his intentions.
“Today [mardi], I bring you the bad news, that we have come to the conclusion that the agreement we had for a new event center will not go forward, said Gondek, whose words were echoed. by Sportsnet following a press conference later in the evening.
“There were additional costs that had to be covered by CBSC. It appears that they are unable to make this financial commitment, after their license has been approved. Everything therefore seems to indicate that the transaction fell through. “
Concluded in 2019, the agreement was to allow the construction of a new amphitheater of approximately 18,000 seats for the Flames, at a cost of between $ 550 and $ 600 million.
Even though the project had been approved and was due to see its first shovel in the ground in 2022, the two parties were still in negotiations for certain financial aspects of the project, including the new roads leading to the infrastructure.
“For a project over $ 650 million, to see a party leave for 1.5% of the value of the project is staggering,” added the mayor of Calgary on Twitter.
The Flames have played their home games at the Scotiabank Saddledome since 1983.