03/23/2016 17:05 EDT | Updated 03/24/2017 01:12 EDT

Quebecor CEO says company still wants NHL franchise despite low Canadian dollar

MONTREAL — The CEO of Quebecor Inc. says the low Canadian dollar will not deter the media conglomerate from pursuing its goal of landing a National Hockey League franchise in Quebec City.

Pierre Dion says the company's commitment to the process hasn't wavered.

But Dion admitted to reporters after a business speech in Montreal today that he does check the loonie's value on a daily basis.

The dollar has bounced back somewhat in recent weeks against the American dollar, although it lost 1.04 of a U.S. cent today to close at 75.68.

Quebecor (TSX:QBR.B) owns the naming rights for Quebec City's publicly funded 18,259-seat Videotron Arena and the company submitted a bid for a NHL franchise last July.

The NHL has projected the cost of a franchise at a minimum of US$500 million and said the earliest any expansion would happen is the 2017-18 season. Las Vegas is considered the favourite.


The Canadian Press