ORLANDO, Fla. -- The Orlando Magic, stymied in efforts to
get a new arena, are up for sale by the team's family owners.
"We get to this point with, I wouldn't call it joy in our
hearts," Magic president and chief executive officer Bob Vander
Weide said Monday.
Vander Weide met last week with NBA Commissioner David Stern to
discuss finding a partner to buy the team.
In the 11 years of ownership by the DeVos family, the Magic made
the playoffs six times, reaching the NBA Finals in 1995. But the
team's fortunes have flagged ever since Shaquille O'Neal left as a
free agent after the next season.
The last NBA franchise to be sold was the Seattle SuperSonics,
bought for $200 million last spring by a group led by Starbucks
chairman Howard Schultz.
Vander Weide refused to offer any assurances that the Magic's
new owners would keep the team in Orlando.
"We are not naive enough that we believe we can tell the new
owner what to do with their property," Vander Weide said. "But,
we will certainly take all the time in the world to convey what we
believe about this community, the importance of this community, how
good this community has been to us."
Magic owner Rich DeVos told the Orlando Sentinel over the
weekend that he had not had any discussions with potential buyers but
would not place any relocation restrictions in the deal.
"I can't ask him to do anything," DeVos said.
He said he thinks the team will stay, however.
DeVos, who made his fortune as co-founder of Amway Corp., has
owned the Magic since 1991. He claims the team is losing about $10
million annually because its current arena lacks moneymaking
amenities, such as midlevel suites.
"Rich would tell you that losing money isn't fun, at any
level" Vander Weide said. "That's taken the fun out of it."
DeVos, 76, said he has been planning to sell the team for about
a year. He said his age and his health -- he had a heart transplant
four years ago -- played a part in his decision, along with estate
planning.
"It's time," he said. "I've had a wonderful run. I've had a
ball."
The team has battled with Orlando and Orange County officials
over a new arena, estimated to cost $250 million. But government
leaders repeatedly have told the team that the money isn't
available.
"If (an arena) had gone through, we would not be here because
we would've seen it through," said DeVos.
"Maybe the right time for a new building is five or seven years
down the road," Vander Weide said. "The economy could be good,
the leadership could be focused on the issue at that time."
Vander Weide said the team has been contacted by six people
interested in buying the franchise. However, he refused to identify
the individuals.
Although the arena presents a large obstacle, the Magic do have
some features that could make the team attractive to a buyer.
"You've got young talent to build from, you've got (salary) cap
room, you've got seven (first-round) picks over four years,"
Vander Weide said.
Also, the Orlando market has proven it will support a winner.
The Magic sold out all 41 home games in 1995-96, the season after
they won the Eastern Conference title.
But attendance has slipped since. Last season, the Magic
averaged 14,757 per game, down 14.4 percent from five years earlier.
Perhaps the biggest attraction that would draw a buyer is the
tremendous return on investing in a professional sports franchise.
The DeVos family paid $85 million for the Magic in 1991 and that
price also included a minor-league baseball team, the Orlando Rays.
A year ago, Forbes magazine estimated the worth of the Magic at
$165 million.
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