Virginia governor will not include money for new arena in budgetPosted by Inside Hoops
In a possible blow to Virginia Beach’s efforts to lure the Sacramento Kings, the governor of Virginia doesn’t plan to include any subsidy for the team’s move in his proposed budget.
Virginia Beach officials were seeking $150 million in state funds to bring the Kings to their city, including a $70 million contribution toward a new arena and $80 million to assist the team’s relocation.
But Gov. Bob McDonnell won’t include any subsidy in his 2013 proposed budget. In a prepared statement, McDonnell’s spokesman, Tucker Martin, indicated the governor wasn’t convinced the proposed subsidy penciled out.
– Reported by Dale Kasler of the Sacramento Bee