Easy solution for the Flames - build a new one. Nothing financial stopping them - their owners are billionaires.
The wealthiest of the 6 owners by himself could bankroll the arena on just the
increase in his net worth from 2013-14 (~$400m).
Edit: actually 2012-13
http://www.canadianbusiness.com/lists-and-rankings/rich-100-the-full-2014-ranking/