Virginia Beach hopes NBA deal tips off funding quest

**Mike0476** · 01-02-2013, 09:10 PM

Virginia Beach Mayor Will Sessoms hopes to hear back this week from Comcast-Spectacor if a deal has been reached with an anchor tenant.

If there is no deal then the project is dead.

"It's critical," he said of an agreement. "I can't go to Richmond and plead for money if we don't have a deal."

http://hamptonroads.com/2013/01/virg...-funding-quest

**Warhawk** · 01-02-2013, 10:42 PM

Yeah, I registered there and kicked in a couple comments as well.

**kennadog** · 01-03-2013, 12:33 AM

Originally Posted by Warhawk

Yeah, I registered there and kicked in a couple comments as well.

Me, too. They don't seem to understand that Sacramento has done everything asked of them and the arena deal approved by the NBA is still on the table. They seem to think Sacramento doesn't want to do anything to keep the Kings.

**KevinSalvadori** · 01-03-2013, 05:16 AM

Originally Posted by kennadog

Me, too. They don't seem to understand that Sacramento has done everything asked of them and the arena deal approved by the NBA is still on the table. They seem to think Sacramento doesn't want to do anything to keep the Kings.

So help me out a second- is it that simple, really? Let's say Burkle or MVP put down an offer for $425m and have it accepted. Could they then just plunge the $65m or so the Maloofs left on the table to resuscitate the deal and get a new arena? Would there need to be another vote, or is it already an approved motion?

**Mike0476** · 01-03-2013, 08:54 AM

Originally Posted by KevinSalvadori

So help me out a second- is it that simple, really? Let's say Burkle or MVP put down an offer for $425m and have it accepted. Could they then just plunge the $65m or so the Maloofs left on the table to resuscitate the deal and get a new arena? Would there need to be another vote, or is it already an approved motion?

If only someone could ask Mayor Johnson about an arena deal still being on the table and council support.

**Capt. Factorial** · 01-03-2013, 10:26 AM

Originally Posted by KevinSalvadori

So help me out a second- is it that simple, really? Let's say Burkle or MVP put down an offer for $425m and have it accepted. Could they then just plunge the $65m or so the Maloofs left on the table to resuscitate the deal and get a new arena? Would there need to be another vote, or is it already an approved motion?

The deal in principle is still on the table. My understanding is that AEG is still on board provided there is an anchor tenant who will agree to the terms. There would still be some council votes to be made (just as there would have been had we actually gone forward) but we believe the votes are there.

**JB_kings** · 01-03-2013, 10:32 AM

Originally Posted by Capt. Factorial

The deal in principle is still on the table. My understanding is that AEG is still on board provided there is an anchor tenant who will agree to the terms. There would still be some council votes to be made (just as there would have been had we actually gone forward) but we believe the votes are there.

The votes should be there. As long as nobody with a Maloof name is involved.

**Warhawk** · 01-03-2013, 11:21 AM

Originally Posted by JB_kings

The votes should be there. As long as nobody with a Maloof name is involved.

Agreed.

**Capt. Factorial** · 01-03-2013, 12:51 PM

Originally Posted by JB_kings

The votes should be there. As long as nobody with a Maloof name is involved.

I don't think it's inconceivable that the votes could be there with a Maloof name involved. I think the city would work with the Maloofs if they believed the Maloofs would work honestly with them - but the Maloofs would have to come crawling back on their hands and knees and grovel in order to convince the city of that.

**Tetsujin** · 01-03-2013, 02:51 PM

Originally Posted by Mike0476

If only someone could ask Mayor Johnson about an arena deal still being on the table and council support.

If only.

**Glenn** · 01-03-2013, 02:56 PM

Originally Posted by Mike0476

If only someone could ask Mayor Johnson about an arena deal still being on the table and council support.

Mike, I don't understand your comment. I thought the deal was still available to whatever owner group happened to have control of the Kings. In fact I would suspect if a new team came here and found the arena deal acceptable, the deal might still be available depending on how wedded the many partners are to the Kings. In other words, it might need to be reapproved by all parties concerned.

**JB_kings** · 01-03-2013, 03:16 PM

Originally Posted by Capt. Factorial

I don't think it's inconceivable that the votes could be there with a Maloof name involved. I think the city would work with the Maloofs if they believed the Maloofs would work honestly with them - but the Maloofs would have to come crawling back on their hands and knees and grovel in order to convince the city of that.

Sure it could happen. But they burned a lot of bridges.

**Section 101** · 01-03-2013, 03:18 PM

I still don't get how they can bring it to the state without the NBA BoG approving a move first. This isn't like Anaheim where they had an arena and Samueli fronting money. Sure they can make it a condition that the BoG approves the move, but they are talking about encumbering money on a deal that could fall through and they would be losing the money spent.

**Glenn** · 01-03-2013, 03:22 PM

Originally Posted by Section 101

I still don't get how they can bring it to the state without the NBA BoG approving a move first. This isn't like Anaheim where they had an arena and Samueli fronting money. Sure they can make it a condition that the BoG approves the move, but they are talking about encumbering money on a deal that could fall through and they would be losing the money spent.

When the rubber hits the road, it all gets very complicated and VB is about to find that out. Oh, and should I add, this is a deal with the devil, er, George. I've been in VB and it ain't that big. Kind of a tourist place. I don't know if they have big industry, a must for the money making suites, but I kinda doubt it. Anyway, I HATE these distractions.

Sell the damn team and make it Burkle.!!!!!

**Section 101** · 01-03-2013, 03:29 PM

Originally Posted by Glenn

When the rubber hits the road, it all gets very complicated and VB is about to find that out. Oh, and should I add, this is a deal with the devil, er, George. I've been in VB and it ain't that big. Kind of a tourist place. I don't know if they have big industry, a must for the money making suites, but I kinda doubt it. Anyway, I HATE these distractions.

Sell the damn team and make it Burkle.!!!!!

I think the whole $500 mil talk last week was them realizing they are going to sell. They are trying to get the most money and are starting high.

**Glenn** · 01-03-2013, 03:32 PM

Originally Posted by Section 101

I think the whole $500 mil talk last week was them realizing they are going to sell. They are trying to get the most money and are starting high.

I hope that's true. It least it isn't the stick in the mud "We aren't selling" stance. I realize this is a rumor but I am hoping rumors come from somewhere. It's a glimmer of hope in a very unsettling period of time.

**JB_kings** · 01-03-2013, 03:57 PM

Since the VB mayor finally put them on the spot to come up with a term sheet by next week, we'll see how serious George is about this. I think he'll sign a term sheet and get his yellow marker out and leave room to grab more revenue and upfront cash. We know that the paper he signs tend to be worthless at his discretion. Anything to keep this going.

**lwc** · 01-03-2013, 03:58 PM

Originally Posted by Glenn

I hope that's true. It least it isn't the stick in the mud "We aren't selling" stance. I realize this is a rumor but I am hoping rumors come from somewhere. It's a glimmer of hope in a very unsettling period of time.

Well said. I told my wife that I would dance around the house if the Kings got sold.

**Mike0476** · 01-03-2013, 05:18 PM

Just saw this posted by someone on the VA Pilot comment section:

http://hamptonroads.com/2013/01/virg...omment-1507352

fyi: crown downtown a fake organization
Submitted by beach23451 on Thu, 01/03/2013 at 8:04 pm.

Just wanted to let you know it has been created or funded localy for PR reasons.

That is too funny.