The plan would be for the Maloof family to move to Virginia Beach, Virginia and for Comcast to help build a new sports arena. An announcement could be made as early as next week, according to the Hampton Roads Business Journal, citing sources. You might recall that a possible move to Anaheim fell through - as did a deal between the city of Sacramento and the Maloofs to build a $391 million entertainment complex.
To finance the arena, the Virginia Beach Hotel-Motel Association has indicated it would support a $1 hike in the lodging tax, sources said. In addition, the Atlantic Coast Conference has agreed to place Virginia Beach on its list as a future venue for college ACC conference tournaments. A well-known concert promoter - Live Nation - is associated with the deal for the new arena and the team's relocation to Virginia Beach, sources say. The new arena will be built across from the Virginia Beach Convention Center, adjacent to the former Norfolk Southern Corp. rail track and a proposed site for a light rail station.
Virginia Beach seems like an odd choice, considering how many larger metro areas - Seattle, Tampa, San Diego, St. Louis, Vegas, Kansas City, etc. - don't have an NBA team.
*Statement from the Kings spokesman Eric Rose:
The Kings organization over the last several years has been approached by numerous parties and cities interested in buying and relocating the franchise. The franchise is not going to discuss which cities have approached the organization and are not going to comment on every rumor.