"..."In a 'small market' city, even one with an NHL team, a privately-funded arena is not economically viable,".."
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Poor dears.

I suggest then like the good business people you are, you find a market that will make it viable.. You know, the kinds that keep all Canadian NHL teams in the top 12 out of 30 for total cost of attending?

I often wonder how people who are 'smart enough" to amass the huge amounts of money that allow them buy a pro sports team....invest in loosing businesses?

Oh, I get it - it is a public service. 

The robber barons of ages past, (and you see this a lot in the USA, more than Canada)  built museums, etc., and set them up as trusts, and usually either charge little or no entry fee. Now granted, these facilitates may not pay municipal taxes, but still everyone can go, and students, seniors usually pay little to nothing.

Perhaps the owners of the Flames, should do away with season tickets, build their own arena, and charge a flat $10-$20 admission?