After two years of trying to reach a stadium agreement, the Calgary Flames said on Thursday that they realize no plan will work and that they'll stay in town only "as long as we believe it's feisable."
The Flames released its final proposal to the city on Thursday, one that would have put up $275 million for the new city-owned complex in Victoria Park — which sits just next door to the 34-year-old Saddledome where they currently play. But after the proposal fell through, the organization decided it was done attempting to strike a deal with the city.
"In a 'small market' city, even one with an NHL team, a privately funded arena is not economically viable," The Calgary Sports and Entertainment Corporation — which owns the Flames — said in a statement. "The City's proposal is just not workable (or even for that matter, 'fair,' based on other arena deals in comparable cities).
"As a result, after over two years of discussions, we see absolutely no basis upon which a new arena agreement can be achieved with the City, and we have concluded that there is no point to continue the pursuit of a new arena in Calgary."
The city released its proposal last week, which would have had both Calgary and the Flames give $185 million to the stadium, and an additional $185 million would come from a ticket tax.
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Even though the Flames haven't found a new home, that doesn't mean they will rush out of Calgary. President Ken King said he plans to stay in the city for as long as it's practical for the organization.
"Many, including us, believe Calgary is a terrific place for NHL hockey and we certainly have great fans," the Flames said in the release. "As such, we will strive to operate, as we have for the past 34 years, in the Saddledome for as long as we believe it's feisable."