VA Beach rumors are still alive

[sfgiants5518]

After months of negotiations it appears the details have been worked out to build an arena in Virginia Beach, and bring a major league sports team with it.

But the deal is far from being done.

A plan to build a $350 million arena on the Virginia Beach oceanfront, with an NBA team as its anchor tenant, moved forward tonight.

WAVY News 10 has learned that Virginia Beach Mayor Will Sessoms will formally ask City Council for permission to forward to Virginia state officials a request for $150 million dollars to help with construction costs and moving expenses for the unnamed team.

As I reported earlier this month, George Maloof Jr., one of the owners of the NBA’s Sacramento Kings met in Richmond with Gov. Bob McDonnell and other state officials to talk about moving his team to Virginia Beach if an arena was built there.

Since that meeting, Peter Luukko, the President of Comcast-Spectacor has been negotiating a deal with Beach officials and presumably the Kings to bring the three groups together.

The city would own the building, Comcast-Spectacor in partnership with concert industry giant Live Nation would manage and book the arena, provide lease payments and all operating costs.

The Kings would be the main tenant.

But the deal hinges on the Virginia General Assembly kicking in $150 million.

$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.

Already one consultant report, given to state officials, concludes an arena with an NBA team in Virginia Beach could generate as much as $182 million in visitor spending each year, with the state alone taking in almost $11 million a year in tax dollars.

Mr. Luukko is expected to come before the Virginia council next week to make Comcast-Spectacor’s formal proposal.

http://blogs.wavy.com/2012/11/27/va-...ls-worked-out/

[iMac]

Its outside noise... Having Kings on the East Coast being in the Western Conference wouldn't work. Plus, If they did move the Kings it would be difficult to restructure the conferences to put Kings in the East.

Its all outside noise, VA is not going to happen!

[ZebraCity916]

I'm not reading this article. It ain't happening!!!

[Infamous916]

I hate the Maloofs enough that I wouldn't be mad if this happened.

[ZebraCity916]

I hate the Maloofs enough that I wouldn't be mad if this happened.

I'm with you on that.

[imbetterthanyou]

i hate everyone.


I still can't fathom how owners go from being beloved by an entire city, so representative of the team and widely having a reputation as one of the best up-and-coming ownership groups in sports, to not caring about the city at all and doing everything possible to sabotage their relationship.


I guess cocaine is a hell of a drug

[imbetterthanyou]

On another note, if theres only 70 million down on arena costs in this 150 million request....where is the other 280 million coming from to get the rest of the arena done?

[KingPosey]

i hate everyone.


I still can't fathom how owners go from being beloved by an entire city, so representative of the team and widely having a reputation as one of the best up-and-coming ownership groups in sports, to not caring about the city at all and doing everything possible to sabotage their relationship.


I guess cocaine is a hell of a drug

Being lying, sneaky, double dealing **** suckers since the Webber trade out of SAC will do that to people's popularity...

I have been calling this out for 7 years and they can't hide it now.

[iMac]

I'm not mad at Joe or Gavin, because I honestly believe they want to be in Sacramento. Its when George gets involved everything gets f##cked up. I'm over rumors, if it happens that's when I'll believe... no need to waste energy on ridiculous rumors that involve George Maloof.

[BLACK ICE]

I'm not mad at Joe or Gavin, because I honestly believe they want to be in Sacramento. Its when George gets involved everything gets f##cked up. I'm over rumors, if it happens that's when I'll believe... no need to waste energy on ridiculous rumors that involve George Maloof.

They don't want to be here. Old building, empty arena, 99% of all Nor Cal residents hate them. They did this to themselves but think about how life must be for them in Sac. Going to the store, etc... always looking over their shoulders. Getting yelled at in their own arena, etc...

They will leave the first chance they get. It's a bummer Stern is out after this year, he was the one guy really keeping them here. As soon as Stern is gone, so are the Kings.

[sfgiants5518]

i hate everyone.


I still can't fathom how owners go from being beloved by an entire city, so representative of the team and widely having a reputation as one of the best up-and-coming ownership groups in sports, to not caring about the city at all and doing everything possible to sabotage their relationship.


I guess cocaine is a hell of a drug

They're just freakin poor. They obviously don't have the assets to run a franchise anymore. It was obvious when they cut the team payrolls.

[ZebraCity916]

They're just freakin poor. They obviously don't have the assets to run a franchise anymore. It was obvious when they cut the team payrolls.

Which is why they're not gonna move.

[Kyle N.]

Its outside noise... Having Kings on the East Coast being in the Western Conference wouldn't work. Plus, If they did move the Kings it would be difficult to restructure the conferences to put Kings in the East.

Its all outside noise, VA is not going to happen!

They would literally just switch two teams. It would be no problem at all.

[ZebraCity916]

They would literally just switch two teams. It would be no problem at all.

Exactly.

My guess would be the Bucks.

[Infamous916]

They're broke because they are terrible businessmen. They choose to keep pumping money into casino that was going bankrupt & sold most of their other assets, including their fathers beer distributorship which was a main source of income for those leeches.

This family is a sinking ship & it's only a matter of time before they drown in their failures.