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SBD/August 29, 2012/Facilities
Comcast's Luukko Promises 25-Year Lease For Proposed Virginia Beach Arena
Published August 29, 2012
THE PLAYERS: In Norfolk, Aaron Applegate reports Virginia Beach released an economic impact study stating that an arena, starting in '15, would "host 200 events a year with 1.3 million attendees.” Harris said that one of the city’s goals is to "come up with a deal in which revenue generated by the arena would more than meet the city’s debt service obligations.” The Virginia Beach Development Authority “will help develop the term sheet for a possible deal, along with Mayor Will Sessoms and Vice Mayor Louis Jones.” Harris said that the term sheet “should be ready to bring to the City Council by late October or early November.” Meanwhile, NBA Senior VP/Marketing Communications Mike Bass said that the league “has not been contacted by the Kings about moving and that the franchise has not filed an application for relocation” (Norfolk VIRGINIAN-PILOT, 8/29).
THY KINGDOM COME? In Sacramento, Kelly Johnson noted the Kings “weren’t even mentioned” in the arena presentation yesterday (BIZJOURNALS.com, 8/28). In Virginia, David Teel notes Luukko “declined to offer details but refuted accounts of negotiations with the Kings.” When told that The Meridian Group, “a marketing and public relations firm retained by the city, had purchased the Internet domains ‘VBKings’ and ‘VirginiaBeachKings,’ Luukko smiled wryly.” He said, "PR people, they're always thinking. Sometimes they think too much." Meridian Group VP Terry Kelley said, "We're trying to get out ahead of this thing. We bought a whole bunch of URLs, like any other marketing company would do. … I think you have to look at specific franchises that might be on the move” (Hampton Roads DAILY PRESS, 8/29). In Sacramento, Ryan Lillis notes team sponsors “received emails from the Kings last week telling them not to believe the talk of the potential move to Virginia Beach.” The e-mail read in part, “Any information you have heard connecting the Maloofs, the Kings, and the city of Virginia Beach are false and have no validity” (SACRAMENTO BEE, 8/29).