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Some months ago, Virginia Beach city officials announced they planned to partner with Comcast Spectacor to try and lure an NBA team to the town with an 18,000-seat arena near the oceanfront.
Mayor Will Sessoms says the city can't ask the General Assembly to provide $150 million, nearly half the money needed for the project, if there's no lease agreement.
Right now, a specific franchise hasn't been mentioned for the arena. A likely team for relocation could be the Sacramento Kings, which failed to reach a deal to build a new arena in California last spring.