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ON TUESDAY, THE VIRGINIA
BEACH CITY COUNCIL WILL
BE PRESENTED WITH
THE FINAL CONSULTANT'S
REPORT REGARDING THE
FEASIBILITY OF
BUILDING A 350 MILLION
DOLLAR ARENA.
I'M BRUCE RADER, AND THE
THE CLOCK IS TICKING, SO
WHERE ARE WE
NOW? GOVERNOR BOB
MCDONNELL, 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 MY SOURCES TELL
ME TODAY THEY DON'T
BELIEVE THE ARENA
CAN 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 DOLLAR RELOCATION
FEE, 10 TO 15 MILLION IN
MOVING EXPENSES. THE
KINGS WOULD HAVE TO PLAY
THEIR
GAMES AT THE CONSTANT
CENTER AT OLD DOMINION
FOR TWO SEASONS
WHILE THE ARENA IS BEING
BUILT.
THUS THE TEAM WOULD WANT
TO BE COMPENSATED FOR
LOSS REVENUE--THE
TOTAL COST, SOMEWHERE
AROUND A HUNDRED MILLION
DOLLARS.
IT MAY SOUND LIKE A LOT
BUT THAT IS NOT AN
OUTRAGIOUS ASSUMPTION,
AND IT
CAN BE PAID OVER TIME.
A BIG CHUNK OF THE MONEY
WOULD HAVE TO COME FROM
THE STATE, AS MUCH AS
105 MILLION DOLLARS,
WHICH WOULD BE PAID TO
GEORGE AND JOE
MALOOF THE OWNERS OF THE
TEAM, WITH SOME OF THE
MONEY TO HELP
THE CITY WITH
CONSTRUCTION COSTS.
THE STATE WOULD ALSO HELP
WITH FINANCING BONDS
NEEDED TO BUILD
THE ARENA.
COMCAST-SPECTAOR AND LIVE
NATION, WHO ARE PUTTING
THE DEAL TOGETHER WILL
ALSO PROBABLY BE
ASKED TO KICK IN AS 35
MILLION DOLLARS IN CASH
TO HELP MAKE THIS HAPPEN.
ANOTHER OPTION IS, IF THE
KINGS DON'T GET WHAT THEY
WANT, WOULD IT BE
VIABLE TO BUILD A LESS
EXPENSIVE ARENA--THAT
WOULD HOST CONCERTS,
BIG COLLEGE BASKETBALL
TOURNAMENTS, LIKE THE
ACC, ULTIMATE
FIGHTING, BIG RELIGIOUS
CONFRENCES, AND "THEN"
SOMEDAY GO
AFTER ANOTHER NBA TEAM,
THAT COULD MOVE RIGHT IN.
THAT WOULD PROBABLY RULE
OUT ANY MONEY FROM THE
STATE RIGHT
NOW, WHICH MIGHT BE
ENOUGH TO KILL THE DEAL.
DEPENDING ON WHO YOU TALK
TO. AGAIN THE CITY
COUNCIL WILL
RECIEVE THEIR OWN
CONSULTANTS REPORT ON
TUESDAY, BUT STILL WILL
THE KINGS BUY IN? CAN
THE ARENA HAPPEN WITHOUT
THE KINGS? A COMPLICATED
SITUATION, THAT
COULD COME TO A
CONCLUSION ONE WAY OR
ANOTHER PRETTY SOON.
I'LL BE RIGHT BACK.