VIRGINIA BEACH, Va. (WAVY) - Beach Mayor Will Sessoms put his foot down by setting Monday as the deadline for Comcast-Spectacor to sign a deal with an anchor tenant for a potential arena.
Sessoms confirmed the deadline to WAVY.com Friday, noting the deal is dead if Comcast-Spectacor and COO Peter Luukko are not able to make a firm deal with a sports team to populate the $426 million arena.
That team has been widely speculated and reported to be the Sacramento Kings.
Sessoms told The Sacramento Bee this week it is crunch time for the arena, as local officials would soon have to ask the state for more than $100 million.
"We are not going to go up there and make a fool of ourselves. I need to know something by Monday," Sessoms told The Bee. "I don't want to be wasting people's time or my time if we are not going to bring some conclusion to these negotiations quickly."
The most recent term sheet showed the city contributing $195 million, Comcast- Spectacor contributing $35 million, with borrowing costs of $46 million and $150 million in state funds.
The deadline doesn't come as a complete surprise - Sessoms told WAVY.com last month he wanted a firm commitment from an anchor tenant prior to the General Assembly legislative session Jan. 9.
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