Clayton Riddell, billionaire Flames co-owner, dies at 81

CALGARY — Clay Riddell, billionaire businessperson and co-owner of the Calgary Flames, has died. He was 81.

“We mourn the passing of a great man of industry, sports, philanthropy and human decency along with our city, province and country. His legacies to all of us are immeasurable. To his family our gratitude, respect and deepest sympathy,” said Flames vice-chair and chief executive Ken King.

Riddell joined Flames ownership in 2003 after spending much of his life building oil and gas companies, including Paramount Resources.

The oil tycoon relinquished his role as CEO of the natural gas and oil exploration company in 2015, when his son, James, took over the role. Riddell founded the company in 1976.

“On behalf of the National Hockey League and our board of governors we extend our deepest condolences to the family of Clay Riddell,” NHL commissioner Gary Bettman said in a release. “Clay’s passion and commitment to his city and beloved Flames will be deeply missed.”

Forbes pegged his fortune at US$1.2 billion, according to its 2018 ranking of the world’s wealthiest people.

He was named an Officer of the Order of Canada in 2008 in part because of his creation of program that helped encourage students to pursue studies in geology, including a $10-million donation to his alma mater, the University of Manitoba, to create an fund toward its faculty of environment, earth and resources.

Riddell died Saturday after a short illness, according to a Paramount Resources release.