There are two separate interpretations of the Montreal Expos logo — one in English and one in French.
English version: The overall outline of the logo is a stylized “M” for “Montreal” (you kinda have to squint to see this). The red “e” on the left is for “Expos,” and the blue “b” on the right is for “baseball.” Add it all up and you’ve got “Montreal Expos baseball.” The strip of white next to the “e” is essentially just wasted space — it’s not an “l” or anything like that.
French version: The red symbol on the left is a “c,” which combines with the white strip to form a “d.” Toss in the “b” on the right and outlined “m” and you’ve got c-d-b-m, for Club de Baseball Montreal.
Source Paul Lukas of Uni-Watch