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County says there's not much money for new Magic arena

By Mike Branom, Associated Press Writer
Copyright 2001 The Associated Press
Article date: July 9, 2001


ORLANDO- The Orlando Magic's quest for a $250 million basketball arena took a hit Monday when Orange County officials declared that there's not much money in the coffers to help with the project.

The NBA team wants $121.5 million of the county's tourist tax, but Orange County officials said they can afford less than two-thirds of that.

The county's base projection predicts that $79.2 million would be available by 2006. Other projections, which consider varying rates of growth in tourism, forecast as much as $99.3 million available by 2005 to as little as $27.6 million by 2007.

The Magic want a new arena to replace the TD Waterhouse Centre, the team's home court of 12 years. Team officials have said the building doesn't have enough moneymaking amenities, such as midlevel suites, and they say that is why the Magic have lost $37.1 million over the past four years.

Orange County Chairman Richard Crotty suggested that, in an acknowledgment of financial reality, an extensive renovation of the Magic's current arena might be the best solution.

But the team has offered studies showing such a solution could cost $200 million.

Also, the Magic are rejecting any proposals that would force the team to play elsewhere for an extended period because its base of season ticket-holders might find other entertainment options during the interim.

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