Virginia Beach Kings

kevin44 · Post #1 » by **kevin44** » Mon Nov 12, 2012 8:43 pm

"As Virginia Beach moves forward with its proposal to build a $350-million arena, news leaked that Sacramento Kings ownership recently met with Virginia Governor Bob McDonnell and city officials" Here we go again.

RIPskaterdude · Post #2 » by **RIPskaterdude** » Tue Nov 13, 2012 6:06 pm

Post #3 » by **ICMTM** » Wed Nov 14, 2012 10:41 pm

if they are going to continue to do what they are doing let them go! If the Clippers can become relevant anyone can.

ADoaN17 · Post #4 » by **ADoaN17** » Wed Nov 28, 2012 9:42 pm

Sacramento's worsening relocation nightmare continues: Virginia Beach's mayor reportedly has a deal with the Kings and Comcast to build a new facility in the city. They just need $150 million from the state of Virginia to make it pencil out.

http://www.sactownroyalty.com/2012/11/2 ... ay-ask-for

HUBlackstar83 · Post #5 » by **HUBlackstar83** » Wed Nov 28, 2012 9:47 pm

I was just about to post this, Comcast is a pretty big company to back you up

bibby1023 · Post #6 » by **bibby1023** » Wed Nov 28, 2012 11:40 pm

so we done? If they have a deal with the Kings to build a new facility...If we were staying we wouldn't have agreed to a deal.

SacKingZZZ · Post #7 » by **SacKingZZZ** » Thu Nov 29, 2012 4:41 am

150 mil in state funding!? Hahaha, I'll believe that when I see it. I just can't see a state, on a states budget putting that as a priority and putting that much money into a regional project. That puts a lot of burden on the state and everyone knows that it's hard enough for an arena to kick $$$ back into the region and if/when it does it will take YEARS. Too many cooks in the kitchen with this one.

Not to mention that Comcast is kicking in a measly 10%? No way, this is a rotten deal for the citizens. Just rotten.

deNIEd · Post #8 » by **deNIEd** » Thu Nov 29, 2012 3:55 pm

SacKingZZZ wrote:No way, this is a rotten deal for the citizens. Just rotten.

The only thing the Maloof's care about. Not the organization. Not the roster. Not winning championships. Not basketball. Nothing but this.

kevin44 · Post #9 » by **kevin44** » Thu Nov 29, 2012 5:03 pm

If they get the 150 million from taxpayers they will have the Kings. George Maloof seems to be running the show now & met with the Virginia Beach officials. Sometime in March we will know & then in April the Kings can apply for relocation.

Dustin5566 · Post #10 » by **Dustin5566** » Thu Nov 29, 2012 5:51 pm

Virginia Beach officials will NOT even entertain the notion without having an anchor tenant. So in that effect, if they go through with it then one can reasonably conclude that the Maloofs have given assurances to VB about moving. Without an anchor tenant it does not make sense for VB to pour a large sum of public funding into a project like this.

RIPskaterdude · Post #11 » by **RIPskaterdude** » Thu Nov 29, 2012 5:55 pm

kevin44 wrote:If they get the 150 million from taxpayers they will have the Kings. George Maloof seems to be running the show now & met with the Virginia Beach officials. Sometime in March we will know & then in April the Kings can apply for relocation.

It will probably take 2-3 years to build the arena, so I can't imagine that the Maloofs would apply for relocation so soon. Then again, can the attendance really get that much worse?

kevin44 · Post #12 » by **kevin44** » Thu Nov 29, 2012 7:13 pm

On the news last night they said the Kings would play in a smaller arena until the new one is done. Part of the 150 million goes to the Maloofs for loss in revenue while the new arena is built. They also mention they would try to get an NHL team to share the arena.

RIPskaterdude · Post #13 » by **RIPskaterdude** » Thu Nov 29, 2012 7:18 pm

What arena is nearby Virginia Beach that they could use? Of the 150 million, 80 goes to the Maloofs to pay off Sacramento, but then they would also have to pay the $20-40 in moving/relocation fees. I still don't see it.

kevin44 · Post #14 » by **kevin44** » Thu Nov 29, 2012 11:03 pm

"The deal hinges on the Virginia General Assembly agreeing to borrow $150 million, with that money expected to be paid back over time via state tax revenue that would be generated by the arena.
$70 million of the requested state funds would go towards arena capital costs, and $80 million will go to the team for moving expenses. That would include an estimated $30 million dollar relocation fee the Kings would have to pay the other NBA owners, and for potential loss of income the Kings would face by having to play two years at the Old Dominion Constant Center while the arena is being built. Here's more info on the Constant Center:
http://www.constantcenter.com/arena_info

RIPskaterdude · Post #15 » by **RIPskaterdude** » Thu Nov 29, 2012 11:17 pm

Designed by the architectural team Moseley/Rosetti, one of the leading sports facility designers in the nation and a leading multidiscipline firm, the center is approximately 215,000 square feet. It features 7,319 fixed seats in the lower bowl, 862 upper club/priority seats and sixteen luxury box suites. Additional seating on the arena floor can take the capacity to 10,000 for such events as commencement. The Constant Center has recently been equipped with more than 50 high-definition flat screen televisions, premiere interactive suite controls, state-of-the-art sound and lighting, impressive meeting room technology, and substantial back of house amenities.

No way the Kings would move into that, they would lose easily $10-$30 million for the next 2 years, then they would have to pay $30 million in moving fees and then pay back the city of Sacramento about $65-$70 million for the loan of ex-Arco Arena.

kevin44 · Post #16 » by **kevin44** » Fri Nov 30, 2012 1:09 am

They are barely drawing 10k here. If they go ahead & build the arena the Maloofs won't have to put any money in. In the short run it will hurt them, but in the long run they could do very well. If they spend the min cap next season, which they can do just by not resigning Evans, the tv money, merchandise, & higher ticket prices would make them more money than they are here. Now that this news is breaking the attendance will continue to drop. Kings fans are loyal, but not stupid.

SacKingZZZ · Post #17 » by **SacKingZZZ** » Fri Nov 30, 2012 1:38 am

kevin44 wrote:"The deal hinges on the Virginia General Assembly agreeing to borrow $150 million, with that money expected to be paid back over time via state tax revenue that would be generated by the arena.
$70 million of the requested state funds would go towards arena capital costs, and $80 million will go to the team for moving expenses. That would include an estimated $30 million dollar relocation fee the Kings would have to pay the other NBA owners, and for potential loss of income the Kings would face by having to play two years at the Old Dominion Constant Center while the arena is being built. Here's more info on the Constant Center:
http://www.constantcenter.com/arena_info

I still can't see a state taking on that much burden for a regional project like a sports arena. Not to mention in a resort town that has a smaller TV market and corporate base than Sacramento does. Anaheim I get, VA Beach? No way, that's crazy even for the Maloofs.

Inigo_Montoya · Post #18 » by **Inigo_Montoya** » Fri Nov 30, 2012 1:42 am

^The Maloofs would never agree to take that kind of funding. After all, they pulled out of the Sacramento deal because they were worried about the taxpayers.

kevin44 · Post #19 » by **kevin44** » Fri Nov 30, 2012 5:47 pm

That is a lot of money, but they will eventually get it back in taxes. Bringing a pro team to your city is huge. It creates job, tourist, & gives a city a better reputation. I still think Comcast will help get this deal done, even if they have to bring more money to the table. Losing the Kings will hurt Sacramento businesses, charities, & even hurt housing prices.

kevin44 · Post #20 » by **kevin44** » Fri Nov 30, 2012 6:10 pm

"$80 million of the money will go toward relocation costs for the Kings. The Maloofs owe the city of Sacramento just less than that amount. The Maloofs could also default on their loan with the city and fork over a $25 million stake of the team, per the loan agreement." I wonder if they would default on the loan to save 50 million?