You raise a valid point project.legacy and I'm sure you were meaning that the $120 million would have been put to better use had it gone towards a new stadium. I think your fan attendance makes good sense.
B.C. Place, in Vancouver completed renovations about 5 years ago. The total cost? More than...get this....more than One-half billion dollars!! Mind boggling.
But here is the kicker...
Though the stadium occasionally hosts the Grey Cup and can host around 55, 000 fans for the Grey Cup, the B.C Lions are garnering about 20, 000 a game. In their hay day during the 80s they were bringing 40, 000+ for a regular season game. Not sure why but everyone was having a great time.
If one works out the annual average attendance from the Lions inception  it is around 27, 000. Anything over 30,000 would be considered a good year. Over the Lions 60+ life span the annual average attendance has not changed very much at all. No idea why but it hasn't.
When the Lions were playing at the old Empire Stadium where the seating capacity was around 32,000 the stadium was close to full capacity or it certainly had that appearance.
I have been a season's ticket holder with the Lions and the new retractable roof was "nice" and it was nice to look up and see the night sky. But here is the dumb thing...
The upper deck is closed due to poor sales. they have curtained off the upper deck so you can't see the seats and it gives the illusion of a fuller stadium. The problem is many fans who paid for premium seating [most expensive] cannot see the open roof because the curtains are in the way. A real dumb move.
I love the old stadium where the teams would slug it out in the elements: rains, sleet and yes even sometimes snow in Vancouver. Wind also played a factor. There was nothing like looking up at the full night sky, experiencing the nippy autumn night while taking in the game. There was something nostalgic about bundling up in the elements, sipping hot chocolate and eating a hot dog while watching the game.
The Lions "home" is BC Place. I'd rather be watching in an outdoor stadium with about 25 000 to 30 000 ravenous fans than in a stadium that cannot even make 1/2 capacity.