That's a new one. I've heard several things, including an incomplete application and a nonpayment of application fee during the Vegas process, and a failure to apply at all during the Seattle process.
My understanding is the appropriate application fees were paid and the application was technically treated as “deferred” by the NHL. I haven’t seen a media report on precisely what rights are granted by being “deferred”. I doubt the NHL would allow QC to acquire an expansion team in the future at the previous expansion fee. I’d guess the deferral means the NHL would waive any application fees for a future expansion bid.
I researched the Quebecor financial statements at the time of the expansion bid process and I don’t believe the company was in a situation to pay the $500m expansion fee for a new team. Between the time when the new arena construction was first approved and the expansion process completed the CAD<>USD exchange rate had significantly shifted, 20+ cents/dollar IIRC. This was already putting financial pressure on Quebecor‘ business, as many of their expenses had to be paid in USD, while collecting revenue in CAD. The NHL expansion fee would also have to be in USD.
Did PKP have the money available? Unsure, and also unsure if the NHL BoG would have any concerns over him as principle owner. Was there another prospective owner with the funds available to partner with Quebecor? Haven’t seen this fully answered either, but don’t recall other names being reported during the bid process.
Edit:
- When the Videotron center broke ground on Sep 12th 2012 the exchange rate was 0.976 CAD to 1 USD.
- When the NHL approved the Vegas expansion team in June 2016 the exchange rate was ~1.30 CAD to 1 USD.
That’s a 33% currency exchange swing in less than four years.