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SPORTS ARENAS INC. EMBARKS ON EXPANSION PROGRAM WITH PURCHASE OF BOWLING CENTERS VALUED AT $4.5 MILLION

 SAN DIEGO, Aug. 19 /PRNewswire/ -- Sports Arenas Inc. (OTC) today announced that it was the successful bidder on two San Diego County bowling center properties, valued at approximately $4.5 million, at Chapter 11 bankruptcy proceedings for the sale of assets of Leisure Time Sports. In announcing the acquisition, Sports Arenas Inc. stated that the investment is part of an expansion program to add up to 20 to 25 more bowling centers by 1998.
 The centers purchased by Sports Arenas Inc. include the Valley Bowling Center, a 50-lane center in El Cajon, Calif., and the Grove Bowling Center, a 60-lane facility in the College Grove Shopping Center. In addition to purchasing the two centers for a total of $1.9 million in cash and debt assumptions, Sports Arenas Inc. purchased the Valley Bowl real estate for approximately $2.5 million. The Grove Bowl facility is leased. A total of 65 to 70 jobs will be retained at the two centers as a result of the acquisition.
 Sports Arenas Inc. now operates six bowling centers in California, Missouri and Georgia. The company also is close to breaking ground on a new 52-lane center in St. Louis. Sports Arenas Inc. was one of the country's leading operators of bowling centers in the late 1950s and early 1960s with facilities throughout the United States, and in England, Japan, Mexico and Australia. In more recent years, the company sold off most of its bowling center properties while building up its holdings in real estate and other diversified business interests.
 According to John Taylor, head of Sports Arenas' bowling operations, the company began restructuring its bowling center operations over the past few years and is now committed to expansion. "We are actively looking for acquisition opportunities throughout the U.S. where we can cluster centers together," Taylor said. "With our 30-year operating history, we can assume ownership of well-located but underperforming centers and restore them to viable operations.
 "In the case of the Chapter 11 proceedings on the assets of Leisure Time Sports," added Taylor, "we were able to apply our knowledge of the business and work with all parties involved to successfully complete a rather difficult transaction. We believe we can add similar value to situations where the centers are underperforming because they are poorly financed or undermanaged."
 Taylor stated that the Sports Arenas' expansion plans call for up to 10 additional centers in San Diego, Orange County and Los Angeles, markets in which the company previously operated as many as 30 facilities. In addition, the company will be seeking acquisition opportunities in other U.S. markets as well as in Europe, Indonesia and Mexico.
 In addition to its bowling operations, Sports Arenas Inc. manages a portfolio of real estate, apartment buildings, industrial parks, retail properties and hotel and auto franchises, and is in the construction and property management and leasing businesses. The company's stock, although closely held, has traded publicly in the Over-the-Counter market since 1959.
 -0- 8/19/93
 /CONTACT: John Taylor of Sports Arenas, 619-587-1060/


CO: Sports Arenas Inc.; Leisure Time Sports ST: California IN: LEI SU: TNM RLE

JB-MF -- SD001 -- 4357 08/19/93 13:28 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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