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Franchises
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Magic COO Discusses Impact Of Hosting Extra Playoff Games
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Martin Says Home Playoff
Games Help Team's Finances |
The Magic begin their Eastern Conference Finals series against the Cavaliers tonight in Cleveland, and Magic COO Alex Martins yesterday discussed how the additional home playoff games at Amway Arena will improve the team's financial standing. Martins said, "Any advancement in the playoffs is a bonus to our bottom line. We’ve been playing in an inferior building now for the better part of the last decade that doesn't give us the revenue streams in order to achieve at least a breakeven point. Every one of these rounds gives us an opportunity to grow our revenue bottom line.” Martins added the team has “seen an increase in season ticket packages purchased for next season over the course of the last couple of days.” CNBC's Darren Rovell mentioned the team is borrowing $100M toward building a new arena and asked, “How hard was it to get this financing?” Martins: “The credit markets have been challenging over the course of the last 18 months and our business is no exception. We haven't been immune to the current recessionary environment and it has been a challenge to find facilities over the course of the last 18 months. But with the assistance of Goldman Sachs, we are in the process of getting close to closing on a $100(M) facility.” Martins said the team is "not very concerned at this point" about any companies backing out of commitments to buy suites at the new arena. Martins: "The anecdotal evidence that we’ve heard from most is that they made the commitment really over a year ago now at the beginning of the current environment, but they also do believe that the current recessionary environment will rebound by the time we open up in the fall of 2010. Our conversations with those that have made their commitments continue to be solid” (“Squawk on the Street,” CNBC, 5/19).
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