State loan not coming until Sept.

June 04, 1994|By Ken Murray | Ken Murray,Sun Staff Writer

After meeting with officials from the Department of Economic and Employment Development yesterday, CFL Colts owner Jim Speros said state funds for Memorial Stadium renovations will not arrive until September -- after the renovation work has been completed.

"We'll keep going with the process, but now I will have to get the stadium ready with my own funds," Speros said.

The Colts have received a loan of $500,000 from the city to make improvements on the stadium. Speros said he has an agreement with DEED to get a $400,000 loan and a $100,000 grant from the state.

He also said he expects the cost of renovation to come in between $1.7 million and $1.8 million.

"The stadium will be ready by June 29 [for the team's exhibition game against the Winnipeg Blue Bombers]," he said. "It'll look like a whole new stadium. It'll be beautiful."

In related developments:

* Speros said he has guaranteed the Canadian Football League a $3.1 million payoff if it brings the 1996 Grey Cup to Memorial Stadium.

He will submit his financial bid to the CFL on July 11.

* Speros said all the paperwork has been filed with a federal judge in Indianapolis over jurisdiction in the lawsuit over trademark rights to the Colts name.

The Indianapolis judge will determine whether he can hear the arguments in the case, or send it back to Baltimore.

"It's in the judge's hands," said Speros. "We expect to hear a decision by the end of the week."

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