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Calgary Flames owner reportedly addresses $1.1B-worth franchise's plans to sell minority stake
According to David Pagnotta of "The Fourth Period," the Calgary Flames' majority owner, Murray Edwards, has denied the previous report that the team has been in talks with potential investors to sell a minority stake in the franchise.
With the addition of Utah to the NHL, Pagnotta stated in his report a couple of weeks ago that several NHL owners are open to bringing in new minority stakeholders.
He also noted that one specific franchise is in the process of finalizing a deal to sell 15% of their team, with an announcement expected next month. It is worth noting that Pagnotta did not disclose the name of the team involved in this specific deal.
In his "TFP" column, Pagnotta wrote:
"Calgary’s majority owner Murray Edwards publicly denied my report last week indicating the Flames have been talking to prospective investors to take on a minority stake in the franchise. Not surprised but considering those engaged in those discussions confirmed that intel to me, I’m not concerned about it."
"The Flames aren’t exclusive in their search, as a few other clubs have been doing the same and one organization is in the process of finalizing a minority sale of around 15 percent."
Pagnotta discussed the Calgary Flames situation and stated that they are actively considering selling a portion of their stake, which ranges between 15 and 30%. He said the Flames have held discussions with potential investors.
Additionally, Pagnotta noted that at least four other NHL clubs are also exploring similar options, although he did not provide specific details about these teams.
Specifically in the case of the Calgary Flames, Pagnotta has recently reported that the ownership of the club has denied previous reports of their involvement in talks with potential individuals for the sale of a minority stake in the franchise.
According to Forbes, the Calgary Flames have been valued at $1.1 billion and rank 21st among the most valuable teams in the NHL.
Calgary Flames secure agreement for new arena
In October last year, the Calgary Flames reached an agreement to construct a new arena adjacent to the Saddledome, the current home arena for the franchise.
The agreement involves contributions from the City of Calgary, the Calgary Stampede, and the Alberta provincial government.
According to Forbes, the estimated cost of his project is about $584 million U.S. dollars, which is equivalent to $800 million Canadian. The construction of this new arena is expected to be completed in time for the 2026-27 season.
In terms of funding, the Flames will be responsible for contributing $260 million towards the project. Meanwhile, the Alberta provincial government will be providing $240 million, whereas the City of Calgary will cover the remaining costs, which amount to $391 million, also including any potential additional expenses.
The project includes the construction of a community rink, extra parking spaces, street-level enhancement around the arena and various transportation and infrastructure improvements in the surrounding area.
Once the project is completed, the new Flames area will have a seating capacity of approximately 18,000 to 18,400 fans. Meanwhile, the Saddledome Arena, boasting a 19,289-seat capacity, will be demolished as part of the transition.
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