As I've always understood things with the Flames is that they have a annual budget for the team. Coaches, players etc. (Say $100M just to put a number out there with no accuracy.)
If management wants to go over that amount due to retention etc. THEN they need ownership approval.
At least that was the case 10ish years ago as I recall so perhaps what they wanted to do would have exceeded said budget. If that was the cause of saying no to something so be it.
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