Virginia Beach Mayor Sets Monday Deadline for Arena Deal

Stamp created by Greg Wissinger

The Bee reports that Will Sessoms has set a deadline of Monday for Comcast-Spectacor to sign a lease with an anchor tenant, widely believed to be the Sacramento Kings.

We won't have long to find out if the Virginia Beach deal has any legs at all.

Virginia Beach Mayor Will Sessoms told Tony Bizjak of the Sacramento Bee today that a lease would need to be signed with a tenant (which is likely the Sacramento Kings) by Monday or he will cease the city's arena efforts for the year.

"We have a timeline that is right upon us to go to state to ask for a substantial amount of money," Sessoms said. "We are not going to go up there and make a fool of ourselves. I need to know something by Monday.

"I don't want to be wasting people's time or my time if we are not going to bring some conclusion to these negotiations quickly."

The reason for the rush is because Virginia Beach needs to be able to present a viable plan to the state in order to be considered for a $150 million arena subsidy, the majority of which would go directly to the tenant (the Maloofs) for relocation costs. Almost a month ago, Virginia Governor Bob McDonnell denied Virginia Beach their initial subsidy request when he submitted the state budget.

Comcast-Spectacor, along with Sessoms, has been the driving force behind this project, and it will be up to them to reach out to the Maloofs to get them to sign a lease. Signing the lease and presenting the plan to the state still will not guarantee that they will be granted their subsidy however.

The Maloofs have yet to publicly comment about Virginia Beach at all, and did not return the Bee's calls, which isn't surprising. If they sign their names to a lease in Virginia Beach by Monday and they do not get their proposed funding, it will be yet another hit to their already low reputation.

Sessoms believes that should the state funding go through, Virginia Beach will be given a fair shake by the NBA Board of Governors if the Kings file for relocation by March 1st. But as Tom mentioned earlier today, the inside word on the situation is that the league does not want to leave Sacramento and Seattle empty-handed while moving into an unproven small market.

The relocation deadline is officially March 1st, but circle Jan. 7th on your calendars as well.

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join Sactown Royalty

You must be a member of Sactown Royalty to participate.

We have our own Community Guidelines at Sactown Royalty. You should read them.

Join Sactown Royalty

You must be a member of Sactown Royalty to participate.

We have our own Community Guidelines at Sactown Royalty. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.

tracking_pixel_9347_tracker