Clay Riddell, a businessman and part owner of the Calgary Flames, has died overnight.

Riddell was a member of the ownership group for the past 15 years and he was also the founder, president and CEO of Paramount Resources.

In a statement on the Calgary Flames website, Flames CEO Ken King said that he is mourning the passing of a man of 'industry, sports, philanthropy and human decency.'

He was made an officer of the Order of Canada in 2008.