VIRGINIA BEACH, Va. (AP) - Virginia Beach's mayor is setting a Monday deadline for Comcast Spectacor and an NBA team to agree on a lease for a proposed $300 million arena.
Mayor Will Sessoms tells media outlets that the city can't ask the General Assembly to provide $150 million for the project if there's no lease agreement.
City officials plan to partner with the Philadelphia-based sports and entertainment company to try and lure an NBA team to the town with an 18,500-seat arena near the Oceanfront.
Comcast Spectacor would lease and operate the arena. A Comcast-Spectacor spokesman declined to comment.
A specific team hasn't been mentioned. A likely target for relocation would be the Sacramento Kings, which failed to reach a deal to build a new arena there last spring.
(Copyright 2013 The Associated Press. All rights reserved.)
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