As a Calgary Flames fan since they relocated here from Atlanta, I will be upset if they leave.
However, I will get over it, and find a new team to cheer for. Relocation threat is an empty one considering that they would be hard-pressed to find any other city that would be as conducive as Calgary towards sustainability. I am sure the rest of the league's owners would be upset with having the 10th most profitable franchise relocate somewhere else too.
However, IF they end up moving, as a life-long and dedicated (fanatical at times) Flames fan, I will get over it. That you can be sure of. I believe a bad deal was signed in Edmonton, and that same deal would be even worse here in Calgary since Calgary does NOT need a new rink to 'rejuvenate' or 'kick-start' anything. In fact, CalgaryNext would have undermined the existing development plan in the West Village, and from the (scarce) plans available, would have ended up limiting the river access in that area.
Also, the OP is wrong - Murray Edwards did not move to London to avoid paying taxes. People who are familiar with the situation know this is not true (IIRC, he in fact ends up paying more in taxes now overall). It was a move based on personal issues more than that of a financial one. There is plenty to criticize Edwards for, but this is probably not one of them.
I just see this as a lot of (unnecessary) posturing. The mayor has come out and stated that public money has to be tied-into public benefit, so he has asked the Flames to provide evidence of public benefit. It isn't like the city council is being adamant that no public money shall be used - it just has to provide a public benefit since, after all, it is public money. Seems like a fair stance to take.
I thought that considering what the Flames' ownership group has done in and around Alberta (as well as the rest of Canada - i.e. look up the late Harley Hotchkiss who built arenas across Canada to provide access for youth hockey), that the Flames' new arena plans would have gone much better than this. I really didn't see such a circus over it, given that I figured I believed them when they touted this as a sort of 'transformative legacy project'. Guess not. Disappointed from the work the Flames have put in (seems like the city is putting more work in it themselves) and how they have come out in the public with it.
They seem like a child throwing a temper tantrum at the toy store when the parents refuse to buy them the latest and greatest toy. I was waffling towards their side initially, but they way they have carried themselves and how little public benefit they are even trying to show has pushed me staunchly on city council's side.
Yes, if this means that they relocate, I will still be a hockey fan, and it will be interesting to see what team I start cheering for and following more, if any. I know eventually the NHL will return to this market - I mean, 20 other teams wish their market was as good as Calgary's (IIRC, Calgary was ranked as the 10th strongest/most profitable).