I'm not here to defend the Flames, and public funding of arenas doesn't really sit right with me, but the Calgary market, together with the Saddledome, isn't all that lucrative.
A recent report by Bookies.com analyzed data of all 31 NHL teams from the past 10 years to project who will be the richest franchise in the league by 2025.
www.audacy.com
These kinds of lists are all just outside projections, but this one shows the Flames ranked #25 in revenue in the league.
But do you see up there at #18? It's the OIlers. Now Edmonton is a slightly smaller, slightly poorer city than Calgary, but they do have a shiny new arena and as such they make an extra $40 million per year more than Calgary.
The problem of course is that the Flames are competing against a lot of other franchises where local government DID subsidize the arena. So while it is all well and good to say governments shouldn't subsidize pro teams (and they shouldn't), it's hard when so many other teams do get subsidized.