The next step in deciding the future of Saskatoon's SaskTel Centre is ready says the facility's Chief Executive Officer.

Will Lofdahl appeared before city council Monday afternoon to inform them that a market analysis will be done to assess the 30-year-old arena.

SaskTel Centre CEO Will Lofdahl says the facility is quickly losing its competitive advantage. (Eric Anderson/CBC)

"We've been given permission to do our homework. And that, I think, is the foundation and that's critical to lay our ground. To decide what our direction is," Lofdahl said after speaking with council.

The analysis will be done by a third party consultant or contractor. Lofdahl expects to have a report ready to show council in the next eight to 12 months.

What will be analyzed?

There are many key questions the market analysis will focus on. Among them are:

What are the options to extend the life of the current facility?

Can it remain competitive for the next 30 years?

What upgrades are needed and their costs?

If a new facility is recommended, what would be the costs and potential locations?

Lofdahl admitted the final report would be lengthy, but he wants the analysis to be thorough.

"We had to decide what questions we want asked. It's a decision tree too. If this is what the analysis determines, what are our next decisions? And so on and so forth."

Time to act is now

It was made clear during the presentation to council there are no immediate plans to build a downtown arena.

However, Lofdahl told councillors several times the clock is ticking on SaskTel Centre's competitive advantage and that the market will determine when the facility is past its prime.

With new arenas in downtown Winnipeg and Edmonton, Lofdahl is eager to get the ball rolling.

"When the market analysis is complete," explained Lofdahl, "then what we have is our road-map for the future. That's really important because without a good map, we don't know where we're going."