W. Graeme Roustan In Conversation With Murray Edwards

The Hockey News' Money and Power 2025 hockey business annual is available at THN.com/free, featuring the annual 100 people of power and influence list.

W. Graeme Roustan, owner and publisher of The Hockey News, sat down with special guests for peer-to-peer conversations also featured in the issue, including Calgary Flames co-owner, chairman and governor, Murray Edwards. Here's their conversation:

W. GRAEME ROUSTAN: Jeremy Jacobs celebrates his 50th year of ownership in 2025, and Ted Leonsis celebrated his 25th year of ownership in 2024. Has the ownership ranks in the NHL ever been stronger than they are today? 

MURRAY EDWARDS: No. I would say the league as a whole has never been stronger than it is today, and ownership groups are, I agree, also strong. The one thing that has really changed and, as a Canadian, causes me pause for thought is the degree to which the game has grown south of the border. 

Look at the entry of the new teams in Seattle and Vegas, and how well they’ve done in terms of their financial support, their revenue growth and the growth in hockey south of the border. As a Canadian, it really does two things. It makes me very proud of what a great game we have and how Americans are now adopting it as their national sport. But it also shows how Canada has to make sure that it stays competitive, too, and we make sure that we keep Canadian teams strong as part of a strong NHL. So, the strength of the ownership has never been stronger, but it’s been largely south of the border, and that’s good for the game, but it’s also challenging for Canadian teams. 

WGR: What are your thoughts right now about potential expansion? 

ME: I’m of the view that we’ve got to make sure before we expand further that we’ve stabilized the product and have clarity on our broadcasting rights in the future. Because if you’re going to bring new teams in, you want to make sure you understand the revenue that’s going to have to be provided to new teams and sharing television contracts. One challenge the league has is, because we have seven teams in Canada and other pro sports, like baseball or basketball, only have one team, our American footprint is lower in terms of the markets we’re in than other sports. And that does somewhat impact U.S. television revenue. 

So, expanding into U.S. markets would provide more revenue on the broadcast side. I think that’s a positive. At the same time, I think there has to be a limit at some point. I don’t think there is an unlimited number of franchises. You want to maintain a reasonable number of teams, say 32, 34, 36, that provide the continued competitive balance we have in the game right now and make both the regular season and playoffs meaningful. There are definitely options for expansion over the mid-term, but I think there are limits to how many markets we can go to in the States in terms of number of teams.

WGR: The “competitive balance,” as Gary Bettman prefers, over “parity” never has been better. Why is that, do you think?

ME: I would agree with you. The competitive balance has never been better. I go back to 2004, in which the gap between the highest payroll team and the lowest payroll team was a factor of like four times. Today, the variation between the lowest- and highest-payroll team is maybe one-and-a-half times. So, by having a salary system in which you provide a static portion, a defined portion of revenues to players, and allowing teams through revenue sharing all to be competitive, I think it’s created this competitive balance, which I think is good. So, I would put it down to the relationship we have with our players’ association and the economic model we have to provide a competitive balance. 

WGR: Scotia Place arena is scheduled to open in 2027, which will be the future home of the Calgary Flames. What impact will this new sports entertainment facility have on the team and the community? 

ME: The most important thing is the impact it’s going to have on the community. A long time ago, I sat down with some business leaders in Calgary, and they had developed the concept of a gathering place. And in many communities like Calgary, these event centers, in our case, Scotia Place, are gathering places. It’s where people in the community come together for events, for concerts, for conventions, for meetings. And the Saddledome was a great building in its time, but its best-before had passed. We were falling behind. 

So what we’ve got now in Scotia Place…I would argue, when it comes online in ’27, is the best building in hockey. We’ve really spent a long time in terms of how we’re going to build the building from a fan experience. We’re going to make it a steep-pitched seating arrangement, so the fans are going to be very close to the ice. We think that creates a very good fan experience and also creates an intimidating place for visiting teams to play. We’re going to have all the new technologies, so I think it’s a game-changer, not just for the Flames but for the city of Calgary. 

WGR: As the second-longest owner of an NHL franchise, could you go back in time and look at that day that you signed all the documents? Could you have imagined you’d be where you are today? 

ME: When I became part of the ownership in 1994, it was very much a view of myself and my partners who came along with me. And I still have three of those today. It was very much a community endeavor, a community asset. We very much viewed it as if we were stewards of the team in Calgary. It’s why we don’t focus a lot on valuations. It’s why we focus on trying to be a big community support. 

Being in the business now for 30-plus years, I’ve realized how competitive it is and how challenging it is to win in this business. To win, or even to put a competitive team on the ice, is very challenging. In 2004, we had one of the great experiences of my life. We went to Game 7 of the Stanley Cup final…It was such a great experience, that 2004 run to the Cup. And so, those have been the highlights. Obviously, it’s a challenge some years when you’re not competitive. 

We’re very lucky to have a lot of players over the years who have become big parts of the community, whether it be Mikael Backlund or Lanny McDonald or Mike Vernon, who have stayed in Calgary. Jarome Iginla is back with us now, working with us. And so, that’s the really great part, seeing the difference they make in the community. We would have liked to have won some more Cups, but we also, I think, brought some great experiences to Calgary. The Red Mile in 2004 was a real special privilege. 

For this conversation, more interviews and a deep look into the world of the hockey business, check out The Hockey News' Money and Power 2025 issue, available at THN.com/free.