The CEO of the Calgary Flames says the city's proposal for a three-way split on a new $555-million arena would have left the team paying "120 per cent of the project."

Mayor Naheed Nenshi released details of the city's offer on Friday morning, after the Calgary Sports and Entertainment Corp. dropped a bombshell on Tuesday by saying it was no longer in arena talks with the city.

Nenshi said the city offered to divide the cost of building a new arena — in the Victoria Park neighbourhood in the east end near the existing Saddledome — three ways with the Flames and with arena users through a "fee/ticket surcharge."

Ken King — CEO and president of the Calgary Sports and Entertainment Corp. that oversees the Calgary Flames, Stampeders, Hitmen and Roughnecks — criticized the city's offer at a news conference a few hours later.

King said the city's deal would have the team pay the city back for its portion of the cost through either property taxes, rent or lease, as well as the ticket surcharge — money that King said comes straight out of the Flames' revenue.