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Mayor to issue arena statement Tuesday

Updated: Tuesday, 08 Jan 2013, 10:54 AM EST
Published : Monday, 07 Jan 2013, 4:44 PM EST

Mila Mimica

VIRGINIA BEACH, Va. (WAVY) - Despite setting Monday as a deadline for Comcast-Spectacor to sign a deal with an anchor tenant, Mayor Will Sessoms said he will issue a statement regarding the arena Tuesday.

Sessoms told WAVY.com Monday he will issue a joint statement with Comcast-Spectacor COO Peter Luukko on Tuesday.

Last week, the mayor set the deadline for a deal ahead of the Jan. 9 General Assembly legislative session, knowing he would have to ask the state for $150 million to help fund the 18,500-seat arena.

The arena is said to cost a total of $426 million according to the latest numbers, with Comcast-Spectacor contributing $35 million, the city adding $195 million, the city borrowing $46 million and the state giving $150 million.

The sports team reported to be in talks to move to the Beach are the NBA's Sacramento Kings.

Stay with WAVY.com for more on this developing story.

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