(Calgary) The Calgary Flames withdrew from a deal with the City for a new arena because team owners no longer wanted to shoulder a disproportionate amount of increasing costs or more risk.
Calgary Sports and Entertainment Corporation (CSEC) President and CEO John Bean said there was no viable way to complete the 19,000-seat amphitheater, which was also to serve as a conference hall. concert.
Mayor Jyoti Gondek on Tuesday announced that the Calgary Event Center was not moving forward because majority CSEC shareholder Murray Edwards told him the Flames intended to end the deal. .
The City and the Flames reached a deal for a new arena more than two years ago, with the initial estimate of C $ 550 million split between the two parties.
The estimate rose to $ 634 million according to the Flames, and the team would shell out more money than the City while bearing the risk of increased costs.
The Flames have refused to pay the additional $ 10 million in road infrastructure, sidewalks and climate mitigation costs that the City has added to the project since July.
Gondek, who was elected in October, claimed there was a $ 9.7 million gap between the City and the team.
The Flames have played at the Saddledome for 38 years and Bean has expressed the team will stay there.