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A deal between the Maloof family, which owns the Sacramento Kings, and the city of Sacramento for a $391 million entertainment complex fell apart three months ago and it has been reported that the owners are looking for a city for their franchise. Media giant Comcast will guarantee a 25-year lease on a new arena, supposedly for naming rights and for broadcasting the games, sources said. Comcast owns NBC and Global Spectrum, which operates arenas and stadiums across the country including the Ted Constant Convocation Center at Old Dominion University. Hampton Roads Business Journal
To finance the arena, the Virginia Beach Hotel-Motel Association has indicated it would support a $1 hike in the lodging tax, sources said. In addition, the Atlantic Coast Conference has agreed to place Virginia Beach on its list as a future venue for college ACC conference tournaments. A well-known concert promoter – Live Nation – is associated with the deal for the new arena and the team’s relocation to Virginia Beach, sources say. Hampton Roads Business Journal
One source with knowledge of the discussions said the Kings, who are looking to leave Sacramento, have been mentioned as a possible tenant. But George Maloof Jr., whose family owns the Kings, would not comment on that possibility. "We have been approached by several cities over several years about moving the Kings, and we will not comment other than that," Maloof told Inside Business. Virginian-Pilot
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