The head of a movie studio said he intends to repay members of the New Orleans Saints and others the nearly $1.9 million he received from themafter he finds other investors. In a statement issued by a public relations firm Friday, Wayne Read, chief executive of Louisiana Film Studios LLC, said money became tight because of higher-than-expected expenses and lower-than-expected revenue during the projects startup. The Saints players made their investments in November 2008. I was hoping to repay their investments in five months, Read said in the statement. Unfortunately, the current economy is the worst seen in the U.S. in many decades and has slowed my ability to repay the investors as quickly as I would like. Coach Sean Payton, quarterback Drew Brees(notes) and Hall of Famer Archie Manning were among those who bought what they thought were state film industry tax credits. Source: Associated Press
