Ok, Bill G, 
1) How much NEW money do the Fames bring into the city? 
2) Would that money come to Calgary anyway?
3) Of all Flames revenue, how much stays in the city? 
4) Of all the money spent on the Flames, how much will leave the city to go elsewhere should there be no Flames? 

All the foregoing are of course hard for me or you to accurately estimate, but it is pretty easy to see where I am going. 

Speaking of going, I go a lot to cities around the world. When I go to Madrid, I don't go to see Real Madrid play football. And so on. 
I might make a trip to Europe soon to catch the Hockey World Juniors. That would be my first ever 'sport watching trip'. I'll be in Buenos Aires next month, I might try to get Boca tix, but believe me my trip doesn't hinge on it. 
I would rather trust people with the success of  The City top of mind, than those with success of their business top of mind.