NO MAGIC ACT: NEW ARENA MAY BE ON HORIZON FOR MAGIC

          FL-based real estate investment firm CNL Financial
     Group "is putting together up to" an $800M deal that "could
     fundamentally restructure" downtown Orlando by
     "reinvigorating the distressed" Church Street Station and
     building a new arena for the Magic on West Church Street,
     according to Tracy, Snyder & Shaw of the ORLANDO SENTINEL,
     who report that a new arena "could cost as much" as $300M. 
     Magic Dir of PR Joel Glass confirmed that CNL "has been in
     contact" with the team.  The possible deal "could result" in
     the TD Waterhouse Centre, the team's current arena, "being
     converted" into a convention center.  Tracy, Snyder & Shaw,
     noting the Magic have four years remaining on their lease at
     the TD Waterhouse Centre, write that the team has "been
     looking for a partner to build a new arena."  But the
     possible deal "could be derailed by any number of factors,
     not the least of which is finding enough financing" for the
     project (ORLANDO SENTINEL, 6/16).