Source: Kings, Virginia Beach Negotiating
It is news no Sacramento Kings fan wants to hear, the team’s owners are negotiating to move the team to Virginia Beach.
Up until now, rumors and unconfirmed reports swirled around the Capital City about a Kings’ possible move to Virginia Beach; however, now, sources in Virginia, who asked not to be identified, said George Maloof has met with state and city leaders there and plans are being drafted to possibly move the NBA team.
At Tuesday night’s Virginia Beach City Council meeting, Mayor Will Sessoms said media giant Comcast-Spectacor and its president, Peter Luukko, are very optimistic.
“He is currently working on a long-term lease with a professional sports team that will serve as an anchor tenant to an arena,” Sessoms told the council.
Virginia Beach hopes to build a $300 million arena and its asking for a $150 million contribution from the State of Virginia.
According to a letter sent by the city, $80 million of that $150 million would go straight to the team, which appears to be the Kings.