The Expos' future in Montreal "became significantly
more secure" yesterday, as MLB team owners "voted
unanimously to allow" N.Y. art dealer Jeffrey Loria to
acquire controlling interest in the team, according to Daley
& Myles of the Montreal GAZETTE. Loria heads up an
investment group "expected to purchase approximately" 35% of
the team in a deal worth around US$75M. When the deal
closes, Loria "will become" the Expos' new General Partner
in place of team President Claude Brochu. Loria's partners
include Stephen Bronfman, who is the son of former Expos
Owner Charles Bronfman, and Loria is "rumoured to have three
other investors on board." Meanwhile, attorneys for Loria,
Brochu and the team's current partnership "still must work
out the details and timetable of the ownership exchange."
Under a deal reached in October, Brochu will receive C$15M
for his 7.2% share of the team. Loria's stepson David
Samson "is expected to move to Montreal to represent the
majority group's interests on a full-time basis" (Montreal
GAZETTE, 12/1). In Toronto, Jeff Blair writes that Loria's
ownership group "could have as many as 20 partners once it's
completed." But a source said that Expos Chair Jacques
Menard "still needs to raise" C$10-15M from local investors.
General Partner Mark Routtenberg, on the next moves for the
team: "We need to make on-field moves to regain credibility
with our fans. We need to sell seat licenses for a new park
and we need to sell season tickets" (GLOBE & MAIL, 12/1).
SELIG'S SMOOTH MOVE? In Toronto, Richard Griffin writes
that though the ownership transfer "lifts a shadow from the
city's sportscape," it "does not automatically mean a new
stadium is fait accompli or that the Montreal franchise is
out of danger." Griffin cautions for those "who believe the
presence of [Stephen Bronfman] is an indication of his
father's money being involved, think again. This is not the
Seagram family fortune; this an individual decision."
Griffin added that while some owners wanted to see the Expos
relocate, including Yankees Owner George Steinbrenner, MLB
Commissioner Bud Selig "had something Steinbrenner needed:
The ability to influence" the YankeeNets deal. Selig "called
for two votes" yesterday, first the Expos and then the
YankeeNets. Both votes were approved unanimously. Griffin:
"It was a tradeoff, a bribe for The Boss" (TOR. STAR, 12/1).