Forbes' latest report pegs the Calgary Flames at $1.1-billion
In December, Forbes reported on the 2023 valuations of NHL teams including current value, operating income and overall revenue of each team. The report credited the new taxpayer-funded arena with a 29% increase in the team's valuation over just 1-year, now worth a whopping $1.1B.
🤡 Councillors Sonya Sharp and Dan McLean promised no tax increases for new arena, but months later municipal taxes jumped 7.8%
When the city announced the deal to commit $831-million in public funds to build a new arena for the billionaire Flames owners last April, Arena Committee Chair Coun. Sonya Sharp boldly proclaimed "No added taxes to taxpayers. There's the question, that's the answer."
Councillor Sonya Sharp, chair of City Council's Arena Committee, and Councillor Dan McLean spearheaded the billionaire bailout of $831-million in public funds to build a new arena for the Flames owners. (Image sources: The Sprawl, City News)
💰Forbes' report shows Flames owners could see an $98-million increase in annual revenue from new arena
The new arena stands to close the revenue gap between the Edmonton Oilers and Calgary Flames.
In 2019, a confidential report showed a new arena could boost Flames owners revenues by $48.7-milliion, increased "by new sponsorship packages and luxury products that do not exist in the Saddledome.”
Based on the new 2023 Forbes report, it appears that could be as much as $98-million if the new arena provides operating revenues similar to Rogers Place in Edmonton.
📈Arena subsidy triggers residential tax increase of 7.8%