MONTREAL -- A consortium of local investors reached agreement Thursday to buy the Montreal Expos from Charles Bronfman and will keep the team in Montreal.
The consortium, led by club president Claude Brochu, is said to be composed entirely of Quebec and Canadian business people. The deal, believed to be worth around $85 million, is subject to approval by 75 percent of National League club owners and half the American League owners.
Until approval is obtained, the list of investors will not be released. However, in recent announcements, both the local and provincial governments contributed funds for the deal.
The consortium is expected to present the agreement to owners at major league baseball's annual meetings, which begin this weekend in Chicago.
'It's really difficult at this point in time to give you any specific timetable but we're going to move as quickly as possible,' Brochu said.
In making the announcement, Bronfman said: 'I consider it an important day for Montrealers and for Canadians that the question of the Expos remaining in this city has at last been resolved.'
'I look upon this as a wonderful thing for everybody. I hope that this transaction will take place,' Bronfman said. 'And you can understand that if I didn't think it would, I wouldn't be standing here. '
Bronfman had placed a Sept. 1 deadline on accepting bids to keep the team in Quebec. Published reports have indicated the franchise has lost nearly $36 million in its 21-year existence, all under Bronfman's ownership. Bronfman gave the Quebec investors the opportunity to raise the funds because of a preference to keep the team in Montreal.
Representatives from a number of cities had indicated a willingness to meet Bronfman's price if the Quebec group couldn't raise the funds. Interest was expressed from Miami, Buffalo and Toronto among other cities. The price was attractive for those who note an expansion franchise will cost $95 million, without any established farm system.
In published reports last week, it was believed Brochu's deal was in danger of falling apart, with $50 million pledged by private investors and less than $30 million from the governments.
Brochu said the deal is important for Quebec residents.
'Quebec and Canadian business interests have proven that they are concerned citizens and have contributed tangibly to keeping the Expos franchise in Montreal,' Brochu said.
Bronfman paid $10 million for the franchise when it entered the National League in 1969. The Expos won the East Division title in 1981 and finished third in the division this past season, exceeding expectations.
This past year, the club drew 1.4 million fans -- 300,000 less than in 1989 -- to the Olympic Stadium, third-worst in the National League.
However, the club was named the organization of the year by Baseball America, in recognition of the achievements of the team's productive farm system.
The consortium is expected to present the agreement to owners at major league baseball's annual meetings, which begin this weekend in Chicago.
In making the annoucement, Bronfman said: 'I consider it an important day for Montrealers and for Canadians that the question of the Expos remaining in this city has at last been resolved.'
Bronfman had placed a Sept. 1 deadline on accepting bids to keep the team in Quebec. Published reports have indicated the franchise has lost nearly $36 million in its 21-year existence, all under Bronfman's ownership. Bronfman gave the Quebec investors the opportunity to raise the funds because of a preference to keep the team in Montreal.
Representatives from a number of cities had indicated a willingness to meet Bronfman's price if the Quebec group couldn't raise the funds. Interest was expressed from Miami, Buffalo and Toronto among other cities. The price was attractive for those who note an expansion franchise will cost $95 million, without any established farm system.
In published reports last week, it was believed Brochu's deal was in danger of falling apart, with $50 million pledged by private investors and less than $30 million from the governments.
Brochu said the deal is important for Quebec residents.
'Quebec and Canadian business interests have proven that they are concerned citizens and have contributed tangibly to keeping the Expos franchise in Montreal,' Brochu said.
Bronfman paid $10 million for the franchise when it entered the National League in 1969. The Expos won the East Division title in 1981 and finished third in the division this past season, exceeding expectations.
This past year, the club drew 1.4 million fans -- 300,000 less than in 1989 -- to the Olympic Stadium, third-worst in the National League.
However, the club was named the organization of the year by Baseball America, in recognition of the achievements of the team's productive farm system.
