The venue is no longer up to code and renovating it would be uneconomical, said Stampede spokesman Kurt Kadatz.

"It's really at this point no longer an efficient arena or event space, the ice-making equipment is at the end of its lifespan and is expensive to replace," he said.

"And so it's not really fulfilling its role as Calgary's main ice arena."

Designed as a home for the Calgary Stampeders hockey club, it was the largest Canadian arena west of Toronto at the time of its construction.

Former home to Calgary Flames

For a few seasons in the 1980s, the cozy 7,000-seat facility was home to the Calgary Flames before the Saddledome was built.

Kadatz says the Stampede would look at ways to preserve the memorabilia in the old building, such as the many photos of past performers that line the walls.

Last month the Calgary Municipal Land Corporation (CMLC) and the Calgary Stampede announced they had formed a "strategic alliance" that would see the city-owned developer lend its expertise to a range of expansion plans at the grounds.

The CMLC has overseen the redevelopment of the East Village just north of the Stampede.

In addition to expanding the BMO Centre, the Master Plan Vision of Stampede Park includes transit-oriented development at Erlton Station and new retail projects at 17th Avenue Crossing and Stampede Trail.

Projects already completed under the master plan include the Agrium Western Event Centre and upgrades to Enmax Park.

The groundbreaking for a new youth campus is expected soon.