Northlands began to decline in the 2010s after the construction of a new downtown arena—Rogers Place—which is operated by the Oilers, and took on most of the major indoor events that had previously been held at Rexall Place.

All of Northlands' board members were unpaid volunteers, although they were typically provided with perks such as free parking, and tickets to events held at its facilities.

[3][6] EIG reached an agreement to pay the Coliseum's operating costs and $1 in rent per-year, in exchange for the ability to retain revenue (such as ticket surcharges) from hockey events and the sale of naming rights.

In February 2016, the organization proposed a redevelopment of the Edmonton Northlands that it dubbed Vision 2020, which included turning the Coliseum into a multi-rink facility, ending horse racing at Northlands Park at the end of the 2016 season and converting it to an outdoor "urban festival" ground,[9][10][11] and expanding the Expo Centre's Hall D into a 5,000-seat indoor arena (which it aimed as a venue for minor hockey championships, lacrosse, concerts, and rodeos).

[12][13] Northlands CEO Tim Reid stated that the plan was part of its effort to exit the "big arena game" and "find new ways to serve our community, as we have for over 137 years.

"[9] In August 2016, the Edmonton City Council rejected the proposal, citing that its budget was greatly underestimated due to its failure to account for design, public consultation, and a request by Northlands for its loan to be forgiven.

On August 29, 2017, Edmonton reached an agreement to forgive Northlands' debt, in exchange for the Expo Centre and Coliseum being brought under city ownership effective January 1, 2018.

[23] On June 10, 2021, Northlands announced that it would dissolve effective July 5, 2021, and that stewardship of Farmfair International and K-Days would be assumed by Explore Edmonton moving forward.