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Virginia Beach still pursuing Kings despite funding hole

4:07 PM, Dec 11, 2012   |    comments
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VIRGINIA BEACH, VA - Even with a $150 million gap in their funding plan, the Virginia Beach City Council voted to move forward with arena negotiations Tuesday night.

The city previously asked the state and Gov. Bob McDonnell to contribute $150 million toward a $300 million arena, but McDonnell said no money would be allocated the next fiscal year.

That doesn't mean the funds won't be made available in future years, though.

In a 9-2 vote, members of the city council voted to move forward, with many saying it didn't make sense to stop this early.

Comcast-Spectacor is the main name behind the plan and is actively working to secure a professional sports team. Sources have told News10 that team is the Sacramento Kings.

This vote is one hurdle of many, but if the Maloofs, owners of the Kings, plan to move the franchise for the 2013-2014 season, relocation paperwork has to be filed by March.

By Nick Monacelli, nick@news10.net

News10/KXTV

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