The president of the Calgary Flames says the team is not swimming in money.

Ken King told Calgary’s chamber of commerce Monday that the team has gone from a giver to a taker in NHL revenue sharing.

"We’ve gone from a top-10 revenue contributing team, where we wrote the cheques in the last few years to help the other teams, and we have now crossed the line," King said. "We’re now receivers. We’ll get a cheque this year.

"Isn’t that ridiculous in this beautiful market? It shows where this is heading and it’s in the wrong direction.

"I can say sadly we have crossed one of the remedies off the list and that is the new facility. I honestly do not know where that part of the story is going to end."

Under NHL revenue sharing, the league’s richest teams give up a portion of their revenue to help lower-grossing clubs pay players.

With the Oct. 16 civic election as a backdrop, the city and Calgary Sports and Entertainment have each gone public with what they are willing to pay and what they think the other side should pay for a new NHL building.