Flames, City of Calgary reach estimated $550M agreement on new arena

The City of Calgary and the ownership group representing the Calgary Flames have come to an agreement on a new arena. (Sergei Belski-USA TODAY Sports)
The City of Calgary and the ownership group representing the Calgary Flames have come to an agreement on a new arena. (Sergei Belski-USA TODAY Sports)

The City of Calgary and the Calgary Sports and Entertainment Corporation (CSEC) have come to an agreement on a 50/50 partnership split for a new arena, which comes in at an estimated cost of $550 million.

CSEC owns the Calgary Flames, who will be the primary occupant of the arena, along with the WHL’s Calgary Hitmen and National Lacrosse League’s Calgary Roughnecks.

“City Council and I had a set of principles that had to be part of any deal, including that any public money must result in public benefit. I'm very pleased that this deal achieves that. It's a good deal for Calgary. This deal makes sense on its own merits and we believe it will help accelerate the redevelopment of East Victoria Park," Mayor Naheed Nenshi said in a statement.

The Scotiabank Saddledome has played host to the Flames since 1983 and the team will certainly take solace in a much-needed upgrade.

The agreement will formally be voted upon by City Council on July 29.

More NHL coverage from Yahoo Sports