Overview
In 2022, the City of Calgary was considering re-entering into negotiations with the Calgary Sports and Entertainment Corporation (“CSEC”) and other interested parties with respect to constructing a new event centre that would serve as the home of the NHL’s Calgary Flames. Negotiations between the parties for a new event centre fell apart at the end of 2019. The City required the services of a third-party advisor to lead negotiation on behalf of the City.
The City was looking for an advisor with an extensive background in commercial real estate transactions of similar size and experience negotiating complex commercial transactions involving private sector and public sector partners.
Approach
Negotiation Advisory: Dan Barrett led negotiations on behalf of the City and its other third-party advisors, including RDVG and external legal counsel. Throughout negotiations, CAA ICON provided the following services:
- Served as main point of contact for deal structure advisory
- Led negotiations with counterparties
- Identified issues and concerns
- Evaluated financial impacts of key negotiating terms
- Supported The City in its financial analyses
- Considered alternative approaches
Result
In April 2023, the new Calgary Flames arena deal was announced. The $1.25 billion deal includes funding from public and private entities with $537 million coming from the The City, $356 million coming from the Flames, and $330 million coming from the province of Alberta.
