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OH HO, IT'S MAGIC, WHO'S EYEING A NEW ARENA
Published November 10, 1997
Magic President & CEO Bob Vander Weide "left little doubt" on Friday that the team "expects a replacement" for the Orlando Arena, "possibly within seven years," according to Dan Tracy of the ORLANDO SENTINEL. The team's current lease at the arena, under which they pay the city $446,500 a year, ends after next season. While Vander Weide said that the team "intends to honor" the agreement and "exercise an additional five-year rental option," he "would not commit" the Magic to the eight-year old facility "beyond" the 2004 season. While Vander Wiede "would not discuss who might pay," for a new arena, Tracy wrote that Orlando and Orange County officials have been "adamant in saying they will not spend tax dollars" on such a project. The arena still has a debt of "about" $40M, which will not be paid off fully until 2019. The team released a study showing that renovation "would not bring in extra cash" (ORLANDO SENTINEL, 11/8).