A report from the Virginian-Pilot suggests that Virginia Beach spent $1.2 million on the plan to bring the Kings to town.
Aaron Applegate of the Virginian-Pilot has covered the Sacramento Kings' relocation story very well from the East Coast angle. Today, he reports on the price Virginia Beach paid to woo the Kings.
The Beach and its economic development authority have spent about $1.2 million on the arena proposal.
That number has floated around the comment threads here, but seeing it out in the open like that as this thing resolves itself -- damn. The Maloofs opened up talks with Virginia Beach (something they haven't done with cities like Kansas City or Louisville, to our knowledge), led them along for a while, got the city to pitch a deal that was 90 percent public funding, including no buy-in from the Kings and even offered up the full expected relocation fee and a two-year revenue subsidy ... and walked away. And it cost Virginia Beach $1.2 million.
Anaheim's Henry Samueli has spent millions bringing the Honda Center up to NBA code. He has no chance of pulling the Kings right now.
Sacramento famously spent a bit of coin to work up an arena deal the Maloofs set on fire.
How many more cities are gonna flirt with these dudes? What an embarrassment to the NBA and to the City of Sacramento.