No agreement reached on VB arena

VIRGINIA BEACH, Va. (WAVY) - Plans to build an entertainment and sports arena in Virginia Beach are on hold, according to a statement released Tuesday morning.

The joint statement from Virginia Beach Mayor Will Sessoms and Comcast-Spectacor President Peter Luuko said, "Both parties remain committed to the concept of an arena in Virginia Beach and to continuing discussions with a potential anchor tenant. That said, we have not reached a level of progress that will allow the city to go before the General Assembly to request the necessary funding."

Last week, Mayor Sessoms set a Monday deadline for a deal ahead of the Jan. 9 General Assembly legislative session, knowing he would have to ask the state for $150 million to help fund the 18,500-seat arena. That deadline came and went.

The NBA team Sacramento Kings was reportedly in talks to move to Virginia Beach.

In a WAVY.com Blog Tuesday Sports Director Bruce Rader posted "...the Kings, who have never publicly admitted they were considering the move to Virginia, will most likely explore other options, whether it be selling the team to folks in Seattle, perhaps working a deal to move the team to Anaheim, or just staying put in Sacramento."