Here's an article about it from the Spec in Nov 2007
http://www.thespec.com/printArticle/288333
"Bringing hockey back to McMaster would require a new arena, likely to be built within the next five years. That facility -- possibly on campus and almost certainly somewhere close to the university -- could include one, two or three rinks at a cost of as much as $25 million, and be shared among recreational and competitive users.
That money would be raised separately. The university is currently studying the feasibility of the arena project, including potential collaborations with other possible users. The idea for the M Club comes from Hamilton businessman and philanthropist David Braley, a university supporter who himself has committed $58 million in donations to McMaster in recent years.
"This is the next phase of building the athletic department," Braley said. "It's an opportunity to build the athletic department to make it very, very strong."
Recently retired McMaster chancellor Mel Hawkrigg, who is chairman of Braley's flagship company Orlick Industries, is also chairman of the new effort, now in its early stages."