Virginia Beach City Council to Hear Arena Funding Proposal

(AP) Virginia Beach's city council is preparing to hear a presentation on what it would take to build an arena capable of luring an NBA team to town.

Virginia Beach is weighing whether to fund the construction of a $300 million, 18,500 seat arena on city owned land near the oceanfront. Under the proposal unveiled in August, the city would own the arena and Philadelphia-based sports and entertainment company Comcast-Spectacor would manage it and be responsible for signing a lease with a major pro sports franchise.

The Sacramento Kings would likely be a potential target after an agreement to build a new arena there fell through earlier this year.

Comcast-Spectacor President Peter Luukko is expected to address the council on Tuesday.

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