The city, NHL team and the Calgary Stampede have agreed in principle to terms. The Stampede, a rodeo exhibition, owns the land.
The deal was to be presented to the City Council on Monday and then put to a vote. Calgary citizens would then have a week to voice their opinion before a council vote next week to ratify the deal.
The Saddledome is almost 36 years old. The cost of the event center is $550 million to $600 million. It is to have a seating capacity of about 20,000 for sports and would be the heart of a larger, revitalized commercial and residential district.