A movie studio will repay Saints and other investors nearly $1.9 million

Wayne Read, chief executive of Louisiana Film Studios LLC, said he intends to repay members of the New Orleans Saints and others the nearly $1.9 million he received from them with either cash or with tax credits acquired from a broker.

Coach Sean Payton, quarterback Drew Brees and Hall of Famer Archie Manning were among those who bought what they thought were state film industry tax credits. A state official, however, said the studio never applied for them.

The investments, which were due to be repaid on March 31, basically would have given the investors a 33 percent return on their money. But no players wearing packers jersey have gotten the money yet.

"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."

According to the Associated Press, there are 27 people who invested the firm. Defensive lineman Charles Grant invested $425,000, Payton, $144,000; Brees, $100,000; and Manning, $100,000. Kevin Houser, the Saints former long snapper also said he invested $125,000.