Sacramento television station News10 said that it has confirmed that the Maloof family, who owns the Kings, have been in talks to move the team to Virginia Beach, Va.
According to The Sacramento Bee's Tony Bizjak, time may be running out for the year:
(Virginia Beach) Mayor Will Sessoms, the lead proponent of building a major league arena, told the Bee he has informed the city's private partner, arena operator Comcast-Spectacor, he wants them to come to an agreement with the team by Monday.
"We have a timeline that is right upon us to go to state to ask for a substantial amount of money," Sessoms said. "We are not going to go up there and make a fool of ourselves. I need to know something by Monday.
"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 Bee also states if Comcast reaches a deal with the Kings for a lease, Virginia Beach will be prepared to ask $150 million in state funds.
The State of Virginia turned down Virginia Beach City Council's plea for $150 million towards building a $300 million arena last month, but the council voted 9-2 in favor of moving forward with getting an arena deal done.
The Kings are looking to find a new home because of their current home, the outdated Sleep Train Arena.
After the team nearly moved to the Honda Center in Anaheim, Calif., the Maloofs agreed upon a $391 million arena deal to keep the Kings in Sacramento last year, then turned it down, much to NBA Commisioner David Stern's displeasure.
The tables have turned and it's the Kings who have a quick decision to make by Monday. Agree to a deal or wait until next year, if there is a next year.