Top Menu

Quebecor stepping up to fund Quebec City arena

Quebec NordiquesMedia giant Quebecor is stepping up to partially fund a new Quebec City arena and close a significant funding gap, as the city moves closer to a facility that could bring back NHL hockey — and perhaps bring in federal aid as well.

Quebecor President Pierre Karl Péladeau told the Globe and Mail that his firm was willing to put money toward a new arena. The firm, of course, isn’t doing this out of sheer goodness: Quebecor is launching a 24-hour sports network and presumably would use an NHL team as its programming centerpiece; there’s also talk Quebecor would want to manage the arena as well in return for its investment.

This, apparently, is the Plan B discussed by city officials late last week. There’s also talk of more private investment from René Angélil, and there’s a surprising development: despite a stance that the arena could move forward without federal funding, the emergence of private investment could in fact bring in federal funds via the Public-Private Partnerships Canada. This program isn’t geared toward sports facilities, but rather toward public monies matching private investments to enable new development. So expect at some point the city to come up with financial studies touting the economic developments of a new arena.

The cost for the 18,000-seat, NHL-quality arena replacing Le Colisee is pegged at $400 million, and the provicial government has already committed $175 million. The city has pledged $50 million, and one prime funding source — naming rights — is still on the table.

RELATED STORIES: Quebec City ready to move ahead without federal arena aid; Harper: No federal funding of arenas — unless Olympics are involved; Backup plan in works for Quebec City arena funding; Fallout from NHL to Quebec City could affect Remparts; Harper backtracks on federal funding of Quebec City arena; Could new Quebec arena open doors for federal spending on arenas? ; Province will pay up to 45 percent of new Quebec City arena; Quebec City on verge of new arena, return of NHL?

Sign up for the free weekly Arena Digest newsletter and keep up with the latest happenings! You can sign up here.

We’re on Facebook!

Follow Arena Digest updates on Twitter!

, , , , , , , , ,