QUEBEC CITY - The $400 million publicly-funded amphitheatre in Quebec City is getting a private partner.
Quebecor is buying naming rights to the arena, and acquiring management rights for the next 25 years.
Quebec City mayor Regis Labeaume presented two pricing scenarios, with the key factor being whether or not an NHL team can be convinced to move to the capital.
"With regards to a hockey team... we are still seeking investors to bring a team back," said Labeaume.
If an NHL team moves into the arena, Quebecor will spend $63.5 million for naming rights, along with an average $5 million in rent annually for 25 years and 10 percent of net revenue.
If not, the company will buy the rights to the name for $33 million, and spend an average of $3.15 million annually on rent, but contribute a higher percentage of net revenue for the events it hosts.
Under all the scenarios presented, Labeaume is assuming anywhere from 700,000 to 1,000,000 people will visit the arena every year.
In the past Quebecor CEO and President Pierre Karl Peladeau has hemmed and hawed about whether or not his company would contribute to a new amphitheatre.
"If our company has chosen to invest... it's because we are confident in the drive of the capital city and its population," said Peladeau.
Last month Premier Jean Charest and Mayor Labeaume presented a $400 million plan to build an arena without any private investors.
The public seems to be evenly split on the idea, with a CROP/Le Soleil poll showing 52 percent support the publicly-funded arena, while 25 percent think the contribution from taxpayers should be lower, and 23 percent think an arena is not needed at all.
