I don't think it makes sense for PKP to buy right now. If there is no buyer, the league cannot sell for relocation even if it would be better for the league.
Oh, but it makes absolute sense for PKP to buy right now.
The hockey team itself won't be profitable while playing in the old barn, but Quebecor Media (PKP's company) will benefit A LOT from owning a team.
I know you are very well informed so you probably already know what I'm gonna tell you, but if you think that it doesn't make any sense to buy the team now, it is probably because you forgot about those details.
- Videotron (owned by PKP) is the largest ISP, TV and phone/cellphone provider in the Province of Quebec. Bringing a team back to Quebec City would certainly make them gain a lot of new clients. People in QC will drop Bell (Habs) and add Videotron (Nordiques). By the way, it has already started. If PKP were to pass on a team right now, that would hurt his business a lot. People would turn on him. Hockey in Quebec City is a VERY VERY VERY emotive subject. You don't want a 1M people market turning their back on your company.
- Quebecor Media owns TVA Sports and having Nordique games to show would help TVA Sports challenge RDS hegemony.
- This is close tied with my last point: Owning your own TV network gives you all the advertising money directly and you don't have to negociate a TV deal. Think YES Network. You don't need a new building to make money like that.
- Quebecor Media is a large media empire and the arrival of the Nordiques would be the last piece of the puzzle in their "convergence" (don't know the word in English, I'm sorry) plan. Owning the Nords would help them sell a lot of Videotron subscription (internet, phone, TV), magazines and newspapers. It would also help them sell ads for their TV networks and Nordiques related internet content.
Even while playing in the old building, a NHL team would be a cash cow for Quebecor Media, even if the team itself loses money. It makes perfect sense for Peladeau to buy a team now, even if he'll have to "live" in the old Colisée for three years.