The Magic are seeking an ownership partner, according
to Tim Povtak of the ORLANDO SENTINEL, who noted that Magic
Owner Rich DeVos and his family "will retain majority
control, but they hope to have a partner in place and an
arena plan within the next 12-18 months." Magic President
Bob Vander Weide said that he has had "preliminary
discussions with a representative from" Universal Studios
and he "would welcome talks of a potential partnership" with
Michael Jordan. Vander Weide, on Jordan: "Yes, I'd consider
him a sport-entertainment company. He's a megacompany in
himself." Vander Weide added that "there is no serious
interest" in Walt Disney Co. as a "potential buyer." Povtak
reported that the DeVos family "is hoping to find" a partner
who would purchase "an estimated" 40-45% of the team and a
majority interest in a new arena. Though the Magic "lost
approximately" $10M each of the last two years, "there was
no discussion during a recent board meeting that it was time
to sell the team" (ORLANDO SENTINEL, 8/29). Vander Weide,
on Orlando Arena, which opened in '89: "It just seems like
buildings done in the '20s and '30s lasted until the '70s
and '80s. But buildings in the '70s and '80s are only
lasting 20 years" (ORLANDO SENTINEL, 8/29).
