On July 30, 2019, Calgary city council approved a $550 million Event Centre to replace the Saddledome. The new Event Centre will be located to the north of the Saddledome in the Victoria Park neighbourhood. The city of Calgary will own the arena while Calgary Sports and Entertainment Corporation will be responsible for the facility's operation and maintenance under a 35-year lease agreement, which includes a non-relocation clause for the Flames during that period. Construction on the building is expected begin in 2021 and will have a capacity of around 19,000; plans for the Event Centre also includes the possibility for a smaller arena to replace the Stampede Corral. The Saddledome will be demolished once the new arena opens.