Virginia Beach mayor Will Sessoms will issue a statement on Tuesday regarding the city's proposed arena.
According to the The Virginian-Pilot, Sessoms and Comcast-Spectacor, the operator for the proposed arena, the statement will be issued one day after he set today as the deadline for a team to a agree to a lease.
That team is widely believed to be the Sacramento Kings.
If the lease is agreed upon with Comcast, the city will ask the State of Virginia for $150 million in state funds to go towards the arena project. If it's not agreed upon, Sessoms said that the city would drop the arena project.
The city was turned down by the state late last year after asking for the same amount of money, but a 9-2 vote kept the arena project alive. The Pilot's article proves that helping a team to relocate and build a $300 million arena is a costly effort:
The framework for the arena deal previously outlined calls for the city to put in $241 million, a state contribution of $150 million and $35 million from Comcast-Spectacor. That money includes $80 million to be paid to the team for relocation costs.
The Kings' relocation efforts have been well-chronicled. The Maloof family, the team owners, rejected Sacramento's arena proposal after nearly moving to Anaheim.
Whether or not there was a deal that was reached today will most likely be revealed tomorrow.