In response to numerous media inquiries, Calgary Sports and Entertainment Corporation (“CSEC”) provides the following update to the citizens of Calgary regarding the Event Centre Project.
The Project Framework Agreement, which governed the funding, design and construction of the Event Centre, required both Contributing Parties, being the City of Calgary and Calgary Sports and Entertainment Corporation, to waive Construction Conditions on or before December 31, 2021. Neither Contributing Party waived the Conditions by December 31, 2021 which resulted in the termination of the Project Framework Agreement and all associated agreements.
“We have always believed that Calgary needs a new Event Centre” stated John Bean, President and CEO of Calgary Sports and Entertainment Corporation. “However, under the current circumstances we do not see a path forward that would create a viable partnership with the city, which is essential for a new Event Centre to become a reality.”