Skip to comments.Virginia Beach arena agreement reached; could Sacramento Kings leave?
Posted on 12/05/2012 4:23:31 PM PST by MinorityRepublican
Could the Sacramento Kings be headed for Virginia Beach? While many steps remain, an important step was taken on Tuesday.
Virginia Beach mayor Will Sessoms and Comcast-Spectacor have reached a deal to build a city-owned $350 million arena, according to WAVY-TV.
The Sacramento Kings would be the "anchor" tenant, according to the report.
The next step: a request has been sent to state officials requesting $150 million to complete the project. That $150 million loan would be paid back through state tax revenue from the arena.
The breakdown of that $150 million would be $70 million toward capital costs. $80 million would be for moving expenses, including a $30 million relocation fee paid by Kings ownership to other NBA owners.
Tom Ziller, who covers the Kings for SB Nation's Sactown Royalty, says many barriers still remain.
"The V.B. City Council still hasn't given the project a thumbs-up. A lot is being asked of the state. And we know that the Maloofs can't be trusted to hold up their end of a deal, even when they smile for the cameras and tear up and give triumphant press conferences," Ziller wrote. "They cannot be trusted to follow through with anything that might cost them a dime. It's kind of gross, hoping the Maloofs do to Virginia Beach what they've done to us. But hey, it's not personal. It's business."
(Excerpt) Read more at aol.sportingnews.com ...
I just don't get it.
This is just dumb. We need transit. We need to extend the lightrail into VABeach. We need money for schools and roads and infrastructure and we are going to get a
BOONDOGGLE complements of celebrity struck council.
We need to extend the lightrail into VABeach
It’d be stupid for the Kings to move. Hampton Roads is the 36th biggest metropolitan area in the country, smaller than Sac-town by a bit (Sacramento is #25). They’ve never had a major league team in anything for any length of time. If the Kings are having trouble drawing in Sacramento, I can’t see how they would do any better in Virginia Beach after the novelty wore off in a couple of years.
Then again, heck, everybody thought the Hartford Whalers were nuts to move down here to become the Carolina Hurricanes, and that worked out well for them. So who knows.
Not before they pay back in full the $$$ Sacramento loaned them.
Sure. I like mass transit. I use it a lot when I am in DC and everywhere else they have it.
What should we do? Add another 10 lanes to 64? Build another beltway?
Take the bus?
Face it, we need mass transit. If they would take the HOV lanes which are already paved and I believe are my personal highway sometimes since no one is on it during the day and make that into a metro train lane, you could really move people.
We certainly don’t need an arena. Especially backed by people who are on “HOUSEWIVES.”
Face it, they are worse boondoggles than sports stadiums.
Let me know when, and I’ll help you pack. Enjoy the MaGoofs, VB.
The one thing to be proud of about Los Angeles - no NFL teams. The city let both the Rams and Raiders go rather than cave into the extortion demands for a free stadium.
Kings ticket holder until my move in 1995.
The Maloofs want to move the team. They tried to strong arm the city into a new arena downtown.
For years Sacto could not get the all-star game because too few hotel rooms. Finally they qualified and got the game.
The Maloofs moved the game to Vegas, with league consent. That’s the day I would have stopped being a Kings fan or buying tickets.
Orlando spent about $375 million on a $450 million arena to keep the Magic a few years ago. It was supposed to help the Magic lure big name free agents
Lured Dwight Howard to the LA Lakers
Even worse, the tax money was spent on the DeVos family...owners of Amway...and big GOP contributors. Yes, there are a lot of big money GOP who like welfare, too, unfortunately
Interesting in Sacramento is that the mayor is Kevin Johnson...a former NBA player. When the NBA player is not willing to give in to a NBA team....you probably do not want that team for your city
I lost interest in the Kings after the Maloofs fired Adelman and got rid of all the players who were such colorful characters.
“These taxpayer-funded sports arenas are sheer folly and a manifestation of our infatuation with bread and circuses.
I just don’t get it.”
That whole lifestyle is crashing down around us; nobody can buy tickets to these events anymore, and cities are finally determining that these venues really aren’t worth it.
At this point there is no hockey anyway...
If Virginia Beach gets a team, Washington would want one too.
The Kings ownership has become an embarrassment to Sacramento.
They need to go elsewhere so we don’t have to support the losers anymore.