Expos New Stadium to Cost $175 Million

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:
``You may be aware that Provigo has been an Expos shareholder since Charles Bronfman sold the team in 1991. Loblaw is in favour of Provigo injecting an additional $10 million in the Expos' new business plan. Together with other shareholder representatives, I belong to a group currently striving to create optimal conditions to keep the Expos in Montreal.
I know that several baseball fans from the Beauce region visit Montreal several times every summer to attend Expos games.
We need you to support the Expos' new business plan. Without a new stadium, without an influx of new shareholders, without the support of all of the regions of Québec, we will not be able to hold on to our major league baseball team.
Furthermore, I am pleased to announced that Marcel Dutil has confirmed his $3 million investment in the Expos'business plan.''

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