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
After four years in the Capitol City, Ben McLemore's time is up.
The Kings have declined to extend a qualifying offer to McLemore, making him an unrestricted free agent, a league source confirmed to NBCSportsCalifornia.com's James Ham
The former No. 7 overall pick in the 2013 NBA Draft out of Kansas, McLemore played in 61 games this past season. He averaged 8.1 points and 2.1 rebounds in 19.3 minutes.
McLemore's best season with the Kings came in 2014-15 when he averaged 12.1 points in 82 games.
But the 24-year-old saw his role cut back in 2015-16 under former head coach George Karl. His minutes dropped from 32.6 to 21.2 in 2015-16.
All-Rookie First Team shooting guard Buddy Hield projects as the Kings' starter heading into the 2017-18 season. Sacramento has several other options at shooting guard including Malachi Richardson and Garrett Temple.
The news was first reported by ESPN.
The Sacramento Kings continue to add young talent to their growing roster.
Serbian star Bogdan Bogdanovic is primed to join the Kings this summer on a three-year deal, league sources confirmed to NBC Sports California.
The deal will reportedly be worth between $30 and $36 million.
Bogdanovic, 24, is fresh of a European championship with Fenerbahçe of the Turkish super league and a silver medal at the 2016 Olympic Games in Rio.
The team is restricted from confirming the reports until July 6, when the NBA’s free agent moratorium ends, but there has been a growing optimism over Bogdanovic joining the Kings for some time.
Sacramento acquired the rights to Bogdanovic as part of a 2016 draft night trade that sent the eighth overall selection (Marquese Chriss) to the Phoenix Suns for picks No. 13 (Georgios Papagiannis) and No. 28 (Skal Labissiere). The Suns selected Bogdanovic with the 27th pick of the 2014 NBA Draft, but had failed in their attempts to lure the young shooting guard to the US.
Bogdanovic is expected to compete with Buddy Hield, Garrett Temple and Malachi Richardson for minutes at the shooting guard position this season. The 6-foot-6, 194-pound guard averaged 14.6 points, 3.8 rebounds and 3.6 assists in 27.9 minutes per game while shooting 43 percent from behind the arc this season for Fenerbahçe.