Virginia Beach Mayor Will Sessoms yesterday "offered the first glimpse into how a deal to build an 18,500-seat arena and bring a professional sports team to the city might be structured," laying out what the city, the state of Virginia and a private company "would bring to the table to build the arena now estimated to cost $300 million," according to Aaron Applegate of the Norfolk VIRGINIAN-PILOT. The city of Virginia Beach would "contribute $195 million," while the state "will be asked for $150 million, of which $70 million would be for the arena." Comcast-Spectacor, the company that would "lease and operate the arena and is working to recruit the pro sports team, would put in $35 million." Sessoms "declined to name the sports team targeted as the arena’s anchor tenant, but sources have said since August that it’s the NBA’s Sacramento Kings." Kings VP/Media Relations Troy Hanson yesterday said, “We’re not going to comment on relocation rumors.” Sessoms "put the odds of the deal coming together at 50-50." He said, “We have a long way to go. In no way do I want people to think we have a done deal.” City council member John Moss called a $35M contribution from Comcast-Spectacor “way too low.” Moss: “If they have such faith in the forecasts, they should be putting up more." But council member Glenn Davis said, "With all the other events this could attract, I think it’s exciting. The more that comes out, the more lucrative it sounds for the city and citizens" (Norfolk VIRGINIAN-PILOT, 11/28).
