MONTREAL (CP) -- Canam Manac, a steel manufacturing company from the Beauce region of eastern Quebec, announced Friday it would invest $3 million in the Montreal Expos.
It was only the second Quebec company -- after a $10-million promise from the Loblaw's grocery chain -- to make public its plan to help refinance the struggling franchise and keep it in Montreal.
The Quebecor printing and publishing company has also indicated it would invest an undisclosed amount in the National League club.
"They're starting to come out," a spokesman for the team said. "It demonstrates that the project is progressing." The Expos hope to find $125 million in new investment as well as raise $175 million to build a new downtown stadium.
New York art dealer Jeffrey Loria is expected to spend $75 million to become the lead investor in the team. For the stadium, the Expos hope to use a pledge of about $8 million per year from the Quebec government to borrow $100 million, and raise $75 million through the sale of seat licences and corporate boxes.
Below is an excerpt from Mr. Michaud's speech: