BROCHU SAYS EXPOS OWNERSHIP UNITED; DC GROUPS KEEP EYE TEAM
Revised financing plans for a new Expos ballpark, which
include "scenarios based on" tax writeoffs requiring federal
and provincial approval were reviewed yesterday by the
team's ownership consortium at its quarterly meeting,
according to Blair & Ha of the Toronto GLOBE & MAIL. After
the meeting, Expos President Claude Brochu "was able to lay
to rest rumours that his consortium had become fractious in
part because of unhappiness with his leadership." Blair &
Ha report that the "respite came after he agreed to improve
communications" between himself and consortium members.
Brochu said, "All the owners, without question, are standing
together. We want this project to succeed." Brochu said
that he was "keen" on the plan to sell public shares
offering tax breaks, but said that it "was too early to
determine whether the shares would be issued for the stadium
or for the club" (Toronto GLOBE & MAIL, 7/23).
A FIXER-UPPER? DC-area developer Douglas Jemal, who
announced Tuesday that he is forming an investor group to
try to bring an MLB team to the area is "well known in real
estate circles for his success at buying up old buildings
and renting or selling them at a profit after renovations"
(WASHINGTON POST, 7/23). Attorney Robert Leibner, who is
advising Jemal's group, said "if we're assessing the
situation in Montreal correctly, that franchise is going to
become available" (Toronto GLOBE & MAIL, 7/23).