EXHIBIT 99.2

SPORTS ARENAS, INC. PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following unaudited pro forma condensed  consolidated  financial  statements
give  effect  to the  sale of the  University  City  Village  apartment  project
(Apartments) owned by UCV, L.P., an unconsolidated subsidiary, on April 1, 2003.
The sale  price  was  $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  net  sale  proceeds  to  UCV  was  approximately
$19,156,000  and  UCV's  gain from sale was  approximately  $52,737,000.  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 in UCV. 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.  The  unaudited  pro  forma  condensed
consolidated  statements  of income were prepared as if the sale had occurred as
of the beginning of the periods  presented  (i.e. July 1, 2001, the first day of
the Company's  fiscal year) and the unaudited pro forma  condensed  consolidated
balance sheet was prepared as if the sale  occurred as of March 31, 2003.  These
statements  do not  purport  to  represent  what the  results of  operations  or
financial  position  of the  Company  would  actually  have been if the sale had
occurred  on the  dates  referred  to above or to be  indicative  of the  future
results of operation or financial  position of the Company.  The  unaudited  pro
forma condensed  consolidated  financial statements should be read together with
the audited financial  statements and notes thereto as included in the Company's
Form 10-K for the fiscal  year ended June 30, 2002 and the  unaudited  Quarterly
Report on Form 10Q for the periods ended  September 30, 2002,  December 31, 2002
and March 31, 2003.


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<PAGE>

Sports Arenas,  Inc. Pro Forma Condensed  Consolidated  Balance Sheet, March 31,
2003 (Unaudited)
<TABLE>
<CAPTION>
                                                         As           Pro-Forma
                                                      Reported      Adjustments       Pro Forma
                                                    ------------    ------------    ------------
                 ASSETS
Current assets:
<S>                                                 <C>             <C>             <C>
  Cash and cash equivalents .....................   $    185,349    $  1,500,000    $  1,685,349
  Trade receivables .............................        449,727            --           449,727
  Note receivable- affiliate, net ...............           --              --
  Inventories ...................................        633,086            --           633,086
  Prepaid expenses ..............................         61,830            --            61,830
                                                    ------------    ------------    ------------
      Total current assets ......................      1,329,992       1,500,000       2,829,992
                                                    ------------    ------------    ------------

Property and equipment, at cost:
  Equipment and leasehold improvements ..........      2,349,716            --         2,349,716
   Less accumulated depreciation and
      amortization ..............................     (1,472,072)           --        (1,472,072)
                                                    ------------    ------------    ------------
       Net property and equipment ...............        877,644            --           877,644
                                                    ------------    ------------    ------------

Other assets:
  Intangible assets, net ........................          9,321            --             9,321
  Investments ...................................         67,000       5,398,910       5,465,910
  Other .........................................         95,999            --            95,999
                                                    ------------    ------------    ------------
                                                         172,320       5,398,910       5,571,230
                                                    ------------    ------------    ------------

                                                    $  2,379,956    $  6,898,910    $  9,278,866
                                                    ============    ============    ============

 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
  Notes payable- short term .....................   $    340,587    $       --      $    340,587
  Current portion of long-term debt .............          7,553            --             7,553
  Accounts payable ..............................        594,850            --           594,850
  Accrued payroll and related expenses ..........        310,130            --           310,130
  Accrued interest ..............................          6,837            --             6,837
  Income taxes payable ..........................           --           300,000         300,000
  Other liabilities .............................        146,537            --           146,537
                                                    ------------    ------------    ------------
    Total current liabilities ...................      1,406,494         300,000       1,706,494
                                                    ------------    ------------    ------------

Distributions received in excess of basis
  in investment .................................     19,469,090     (19,469,090)           --
                                                    ------------    ------------    ------------

Deferred tax liabilities, net ...................           --         5,900,000       5,900,000
                                                    ------------    ------------    ------------

Other liabilities ...............................        228,000        (228,000)           --
                                                    ------------    ------------    ------------

Minority interest in consolidated
  subsidiary ....................................        431,839            --           431,839
                                                    ------------    ------------    ------------

Commitments and contingencies

Shareholders' equity (deficit):
  Common stock ..................................        272,500            --           272,500
  Additional paid-in capital ....................      1,730,049            --         1,730,049
  Retained earnings (Accumulated deficit)........    (18,866,524)     20,396,000       1,529,476
                                                    ------------    ------------    ------------
                                                     (16,863,975)     20,396,000       3,532,025
  Less note receivable from shareholder .........     (2,291,492)           --        (2,291,492)
                                                    ------------    ------------    ------------
     Total shareholders' equity (deficit)........    (19,155,467)     20,396,000       1,240,533
                                                    ------------    ------------    ------------

                                                    $  2,379,956    $  6,898,910    $  9,278,866
                                                    ============    ============    ============
</TABLE>
                                       2
<PAGE>



Sports Arenas, Inc. Pro Forma Condensed  Consolidated Statement of Income (Loss)
- Unaudited - For the Twelve Months Ended June 30, 2002

<TABLE>
<CAPTION>
                                                                     Pro-Forma
                                                     As Reported    Adjustments      Pro Forma
                                                    ------------    ------------    ------------
Revenues:
<S>                                                 <C>             <C>             <C>
  Bowling .......................................   $  1,783,545    $       --      $  1,783,545
  Rental ........................................        190,234            --           190,234
  Golf ..........................................      2,589,293            --         2,589,293
  Other .........................................        329,402            --           329,402
  Other-related party ...........................        186,371        (186,371)           --
                                                    ------------    ------------    ------------
                                                       5,078,845        (186,371)      4,892,474
                                                    ------------    ------------    ------------

Costs and expenses:
  Bowling .......................................      1,404,006            --         1,404,006
  Rental ........................................        189,458            --           189,458
  Golf ..........................................      2,604,436            --         2,604,436
  Selling, general, and administrative ..........      2,610,451            --         2,610,451
  Depreciation and amortization .................        307,948         (53,420)        254,528
  Provision for impairment losses ...............         44,915            --            44,915
                                                    ------------    ------------    ------------
                                                       7,161,214         (53,420)      7,107,794
                                                    ------------    ------------    ------------

Loss from operations ............................     (2,082,369)       (132,951)     (2,215,320)
                                                    ------------    ------------    ------------

Other income (charges):
  Investment income:
    Related party ...............................         27,890            --            27,890
    Other .......................................          1,807            --             1,807
  Interest expense ..............................        (84,679)           --           (84,679)
  Equity in income of investees .................        125,944      26,260,267      26,386,211
                                                    ------------    ------------    ------------
                                                          70,962      26,260,267      26,331,229
                                                    ------------    ------------    ------------

Income (loss) from continuing operations
  before taxes ..................................     (2,011,407)     26,127,316      24,115,909

Provision for income taxes ......................           --         6,200,000       6,200,000
                                                    ------------    ------------    ------------

Income from continuing operations ...............     (2,011,407)     19,927,316      17,915,909

Extraordinary loss from early
  extinguishment of investee debt ...............       (167,521)        167,521            --
                                                    ------------    ------------    ------------

Net income (loss) ...............................    $(2,178,928)   $ 20,094,837    $ 17,915,909
                                                    ============    ============    ============

Basic an diluted net income (loss)
per common
  share from:
     Continuing operations ......................   $      (0.07)                  $       0.66
     Extraordinary items ........................          (0.01)                           --
                                                    ------------                    ------------
                                                    $      (0.08)                  $       0.66
                                                    ============                    ============
</TABLE>

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<PAGE>



Sports Arenas, Inc. Pro Forma Condensed Consolidated Statement of Income (Loss)-
Unaudited - For the Nine Months Ended March 31, 2003

<TABLE>
<CAPTION>
                                                                     Pro-Forma
                                                    As Reported     Adjustments       Pro Forma
                                                    ------------    ------------    ------------
Revenues:
<S>                                                 <C>             <C>             <C>
  Bowling .......................................   $  1,197,104    $       --      $  1,197,104
  Rental ........................................         59,622            --            59,622
  Golf ..........................................      1,973,303            --         1,973,303
  Other .........................................        164,155            --           164,155
  Other-related party ...........................        146,229        (146,229)           --
                                                    ------------    ------------    ------------
                                                       3,540,413        (146,229)      3,394,184
                                                    ------------    ------------    ------------

Costs and expenses:
  Bowling .......................................        994,015            --           994,015
  Rental ........................................         56,200            --            56,200
  Golf ..........................................      1,799,188            --         1,799,188
  Selling, general, and administrative ..........      1,851,900            --         1,851,900
  Depreciation and amortization .................        197,457         (40,065)        157,392
  Impairment loss ...............................         88,881            --            88,881
                                                    ------------    ------------    ------------
                                                       4,987,641         (40,065)      4,947,576
                                                    ------------    ------------    ------------

Loss from operations ............................     (1,447,228)       (106,164)     (1,553,392)
                                                    ------------    ------------    ------------

Other income (charges):
  Investment income-related party ...............         24,230            --            24,230
  Interest expense ..............................        (56,181)           --           (56,181)
  Equity in income of investees .................        429,876        (104,876)        325,000
                                                    ------------    ------------    ------------
                                                         397,925        (104,876)        293,049
                                                    ------------    ------------    ------------

Net loss ........................................   $ (1,049,303)   $   (211,040)   $ (1,260,343)
                                                    ============    ============    ============

Basic an diluted net loss per common share
  based on 27,250,000 weighted average
  common shares outstanding .....................   $      (0.04)                   $      (0.05)
                                                    ============                    ============
</TABLE>


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<PAGE>



Sports  Arenas,  Inc.  Notes  to  Pro  Forma  Condensed  Consolidated  Financial
Statements

1.   These  unaudited  pro  forma  financial   statements   present  results  of
     operations as if UCV's sale of University City Village apartments  occurred
     as of April 1, 2001 (the first day of UCV,  L.P.'s fiscal year) and present
     financial position as if the sale occurred on December 31, 2002, the end of
     UCV's  third  fiscal  period.   The  pro  forma  adjustments   include  the
     elimination of the equity in income of UCV, the  amortization of step up in
     basis  and  management  and  development  fees  recorded  for  the  periods
     presented, as well as additional adjustments described below.

2. Cash

     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  in  UCV.  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. Cash is adjusted to treat the  distribution in April
     2003 as though it were made to the Company on March 31, 2003.

3. Investments and Distributions Received in Excess of Basis in Investment:

     The line item in  liabilities  and  shareholders'  deficit was  adjusted as
     follows:

            Investments as reported                   $    67,000
                                                      -----------
            Reclassify balance from liability         (19,469,090)
            Equity in gain on sale                     26,368,000
            Distribution to Company in April 2003      (1,500,000)
                                                      -----------
              Net adjustment                            5,398,910
                                                      -----------

            Investments, pro forma                    $ 5,465,910
                                                      ===========

4. Equity in Income of Investees:

     The pro forma  income  statement  for the fiscal  year ended June 30,  2002
     reflects  both the increase for the equity in the gain from the sale of UCV
     of $26,368,000 and a decrease of $107,733 to eliminate the Company's equity
     in the operations of UCV after April 1, 2001.

5. Other liabilities:

     Other  Liabilities  represents a portion of development  fees received from
     UCV. The pro-forma  balance sheet reflects a decrease to Other  Liabilities
     of $228,000 to reflect the  recognition of the deferred  revenue related to
     UCV.

6. Shareholders' Equity (Deficit):

     The pro forma balance sheet reflects  adjustments to  Shareholders'  Equity
     (Accumulated  deficit)  to  reflect  the  equity  in the  gain  on  sale of
     $26,368,000 and the income  recognized  related to the deferred  revenue in
     Other Liabilities ($228,000).

7. Estimated income taxes

     The pro forma  balance  sheet  includes an  estimate of income  taxes after
     deducting the estimated net operating loss  carry-forwards  for federal and
     state income tax purposes.  UCV intends to invest most of the proceeds from
     the  sale  into  like-kind   property  thereby  deferring  the  income  tax
     consequences of the sale to the extent the proceeds are reinvested.  UCV is
     planning on  distributing  $4,000,000  to $5,000,000 of the proceeds to the
     Company in partial  liquidation  of it  partnership  interest  in UCV. As a
     result,  the Company  expects to report  taxable  income of  $12,000,000 to
     $15,000,000  in the tax return for the fiscal  year  ending  June 30,  2004
     depending  on  the  amount  of  distributions  eventually  received  by the
     Company.  The Company estimates it has net operating loss  carryforwards of
     $12,000,000  and  $3,500,000  for  federal and state  income tax  purposes,
     respectively.  The pro forma  balance  sheet  includes  an  estimate of the
     income  taxes  payable  based on the gain the  Company  estimates  it would
     report based on the $2,500,000 of  distributions  from the sale the Company
     has received to date.

                                       5