After years of talks, hundreds of thousands of dollars spent on consulting reports, and most recently an NBA team looking to re-locate, time seems to be running out on plans to build a new arena in Virginia Beach with the Sacramento Kings as the building’s main tenant.

Today, Virginia Beach Mayor Will Sessoms and Peter Lukko, the president of Comcast Spectacor, will release a joint statement regarding their ongoing negotiations to get the arena deal done.

Unfortunately, those negotiations are at a stand-still.

– Reported by Bruce Rader of WAVY TV 10