Report: Virginia Beach-Kings arena details worked out

Report: Virginia Beach-Kings arena details worked out
November 29, 2012, 2:03 am
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Virginia Beach has a proposal ready for the city to build a multipurpose arena, according to a report from WAVY-TV, the local Virginia television station.

Per direction of Mayor Will Sessoms, the city staff requested 150 million from state officials to help with "construction costs and moving expenses for the unnamed team."

One paragraph in the report stands out:"The Kings would be the main tenant."On Nov. 10, news leaked that Kings ownership met with Virginia Governor Bob McDonnell and city officials.

REWIND: Kings ownership meets with Virginia Beach reps

The Sacrmaento organization has maintained its position throughout the Virginia Beach arena rumors. As stated by George Maloof Jr.:

We have been approached by several cities over several years about moving the Kings, and we will not comment other than that."

Some financial details from WAVY-TV:
"The deal hinges on the Virginia General Assembly agreeing to borrow 150 million, with that money expected to be paid back over time via state tax revenue that would be generated by the arena.

70 million of the requested state funds would go towards arena capital costs, and 80 million will go to the team for moving expenses. That would include an estimated 30 million dollar relocation fee the Kings would have to pay the other NBA owners, and for potential loss of income the Kings would face by having to play two years at the Old Dominion Constant Center while the arena is being built.

Reports first surfaced Aug. 23 saying a consortium of sports and entertainment companies are working to bring the NBA's Sacramento Kings to Virginia Beach, VA."REWIND: Kings in talks to move to Virginia

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