Magic Sign New Agreement, Clear Way For New Arena Financing
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Magic Execs Sign New Relocation Agreement
To Clear Way For Arena Financing |
Magic execs yesterday "signed an agreement aimed at keeping the team from leaving" Orlando before its new arena is built, "clearing the way for the city to sell $270[M] in bonds to finance the project," according to Schlueb & Damron of the ORLANDO SENTINEL. However, negotiators "concede that the deal leaves open the remote possibility that Orlando could be left with a half-built arena and no team" if the Magic move in the next two years. The signed agreement ends a dispute between Orlando and Orange County (FL) officials "that threatened to further delay the bond sale, which already is three months behind schedule." County officials concluded that the previous agreement "didn't go far enough," because they "saw a loophole: If the Magic were sold to an out-of-town suitor in the next two years, the team could leave before the $480[M] project was finished and before the repayment period began." As a result, the Magic "agreed to add another two years to their repayment period," and now if the team leaves anytime in the next 27 years, "it must repay the outstanding debt, forfeit the $50[M] it pledged toward construction costs and another $12[M] in lease payments, plus pay back the $23[M] in costs from selling the bonds" (ORLANDO SENTINEL, 2/13).
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