Virginia Arena Plan Requires Massive Subsidy

From today's Sacramento Bee Virginia Beach's arena plan to lure the Sacramento Kings seems prohibitively expensive in terms of the public financing required:

"In its letter, the city asks the state for $70 million in construction assistance and $80 million in moving costs.
The moving costs include an estimated $30 million in relocation fees to be paid to the league.
Another $42 million would compensate the team for lost revenue while it plays in a smaller arena for two seasons while the new facility is under construction."

That won't include paying the City of Sacramento back the $65 million it's already lent the Maloofs, and a spokesperson later in the article is quoted as saying that it is doubtful the State of Virginia will approve the expenditure.

I've always thought that Virginia Beach was a smokescreen, and that a request to move the Kings there was likely to be rejected by the NBA. The more you dig into the financial part of it of this deal, the less likely Virginia Beach seems as a possible destination.

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