Updated: Friday, 09 Nov 2012, 12:40 AM EST
Published : Friday, 09 Nov 2012, 12:40 AM EST
VIRGINIA BEACH, Va. (WAVY) - On Nov. 13, the Virginia Beach City Council will be presented with the final consultant’s report regarding the feasibility of building a $350 million arena.
Gov. Bob Mcdonnell, Virginia Beach Mayor Will Sessoms and officials from Comcast Spectacor met in Richmond last week along with Sacremento Kings owner George Maloof in regards to the Kings moving their team to Virginia Beach.
Most of WAVY News’ Bruce Rader’s sources say they don’t believe the area could survive without the assurance that the Kings will sign a long term deal.
But it won’t be cheap. The Kings will have plenty of expenses, at least a $30 million relocation fee and $10 million to $15 million in moving expenses.
The Kings would have to play their games at the Constant Center at Old Dominion University for two seasons while the arena is being built. Thus, the team would want to be compensate for lost revenue and the total cost would be somewhere around $100 million.
It may sound like a lot but that is not an outrageous assumption, and it can be paid over time.
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