I tend to think government funding is around to provide us with things that are impossible, or at least extremely hard, to have by private investment alone. Things like roads, bridges, parks, nature conservation, hospitals, public art, museums, schools, libraries, riverfront bike paths, playgrounds...those things would be a lot harder to have without some, or all, of it being funded by the public. And those things are accessible to the vast majority of citizens.
While I do think they bring value to the city, professional hockey and football teams don't really qualify for the above. They are a private entertainment enterprise, and one that is outside of the reach of a lot of Calgarians.
There's only so much funding to go around, and it's the responsibility for our leaders to divide that money in the best way possible, to benefit as many Calgarians as possible. At the end of the day, it really does come down to things like a Cancer Centre vs Sports Stadium. As much as I like the Flames, if the NHL or CFL can't survive here without public money, then they either need to change their business model, or leave.
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