Québecor looking for partners
Is it just me or that's like putting a deposit on a Tesla hoping that your dad will pay a good chunk of it but you get to drive the car?
No, it is a way to avoid taking a huge loan. Instead of borrowing money, you sell shares.
As a sport team's biggest return in investment is the value growth of the franchise, you buy a share of the team so you can sell it later. It is "money in the bank" as long as the team doesn't bleed red ink each year (small profit or small losses every year is fine) and you have to put in more money.
So, for example, Company X buys 5% of the franchise, they pay 25M$ today and if the franchise value jumps from 500M$ to 600M$, your share is now worth 30M$. 5M$ profit. For Quebecor, it is 25M$ less that they have to borrow.
For Quebecor, the big money is in the synergies (TV, magazines, internet, etc), not in hockey-related revenues. So, let's say the keep 60% and sell 40% to various minority owners, this is 200M$ they don't have to borrow and they STILL have all the content they need for TV, internet, magazines, etc. Less debt on the franchise, WAYYYYYYYYY easier to make it work/lose less money/operate at a profit/the more you can spend at the beginning.