SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 2003
Sports Arenas, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-2380 13-1944249
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7415 Carroll Road, Suite C, San Diego, CA 92121
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (858) 408-0364
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
Item 1. Changes in Control of Registrant.
Not Applicable
Item 2. Acquisition or Disposition of Assets.
Not Applicable
Item 3. Bankruptcy or Receivership.
Not Applicable
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable
Item 5. Other Events
On April 1, 2003 UCV, L.P. (UCV), an unconsolidated fifty percent owned
subsidiary of the Company, sold the University City Village Apartments to the
Mark S. Schmidt Living Trust utd 2/5/92 (Schmidt) for $58,400,000 in cash.
After deducting selling expenses ($2,314,000), paying mortgage loans
($38,000,000), and the refund of lender impounds ($1,340,000), the Company
estimates the net sale proceeds to UCV to be approximately $19,156,000 and the
gain from sale to be approximately $52,837,000. UCV is planning on distributing
a cumulative amount of approximately $4,000,000 to $5,000,000 of such proceeds
to the Company in partial liquidation of its partnership interest. Of this
total, UCV distributed $1,000,000 to the Company from the proceeds of funds
released from escrow on March 17, 2003 and distributed another $1,500,000 to the
Company in April 2003. The remaining funds will be reinvested by UCV in
"like-kind" property to defer a portion of the income tax consequences of the
sale.
Item 6. Resignation of Registrant's Directors.
Not Applicable
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibit 10.17 Agreement for Sale of University City Village Apartments
dated February 14, 2003
Exhibit 10.18 Amendment to Agreement for Sale of University City Village
Apartments dated March 6, 2003
Item 8. Change in Fiscal Year.
Not Applicable
Item 9. Regulation FD Disclosure.
Not Applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 1, 2003 Sports Arenas, Inc.
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By: /s/ Harold S. Elkan
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Harold S. Elkan, President