Montreal Will Put $15 Million Into the Expos

Another piece of the puzzle in the sale of the Montreal Expos fell into place today when Mayor Jean Dore announced the city will invest $15 million to become a partner in the team.

Dore, who was reelected last week, said he will propose to the City Council that the money be taken from a special investment fund rather than the municipal budget.

“I would have preferred that the deal be done without the involvement of public administrations, but because of the current recession it wasn’t possible to get together the required sum,” Dore said.

He said the city’s involvement will be on a strictly financial basis, and it has no interest in the management of the team.

The city’s move follows a decision by the provincial government last week to provide $18 million in a low-interest loan package to ensure that the 21-year-old franchise remains in Montreal.

The backing from provincial and municipal sources, combined with the recently announced interest of Lake Placid, N.Y., businessman Martin Stone to contribute as much as $40 million to the consortium headed by Expos President Claude Brochu, should provide the group with enough money to meet owner Charles Bronfman’s sale price of $100 million.