AROUND THE BLOGS

A report that the Sacramento Kings are planning to have talks with Virginia Beach, Virginia to consider a new stadium and relocation of the franchise. The Kings deny it but the Hampton Roads Business Journal in Norfolk reported the team plans to come to Virginia Beach on Tuesday (Yesterday) for just such talks. As you know, the New Jersey Nets are now called the Brooklyn Nets and are officially moved into Barclay Arena in Brooklyn. Their value as a franchise has shot up dramatically with the move to New York City. Virginia Beach mayor Will Sessoms would not comment on the Kings but did say some meetings will take place.

"Comcast, Live Nation and Global Spectrum (a Comcast-owned stadium operator) have come to the city. They would guarantee us a professional sports team (if a deal goes through)." he told the Business Journal. Comcast told CBS13 through a spokesperson that it would not comment until after Tuesday's meetings.

As far as the Nets, they will be worth about 60% more than was estimated by Forbes Magazine last season according to a report by the New York Post.

“As the Nets gear up for the first season in the soon-to-be-completed Barclays Center, the team is now worth roughly $575 million, according to one sports investment banker. That’s 60 percent more than they were valued just last season by Forbes….

The Nets are projected to generate $140 million in revenue and earn between $10 million and $15 million in profit, a source with direct knowledge said. Last year, the NBA franchise took in half that amount and lost nearly $30 million.”

Nets’ owner and Russian billionaire Mikhail Prokhorov’s stake in the team is worth double what it was when he bought it, according to the New York Post.

The real money is in the Brooklyn Yards development — the residential and retail that will go up around the Barclays Center, that will be the new home of the Brooklyn Nets. Prokhorov and former Nets owner Bruce Ratner will realize huge profits from this move.

Virginia Beach is a great community and has been growing quickly in the past 20 years. The addition of an NBA team calling it home will only benefit the area, and probably increase the value of the Kings overall.

That’s all I wrote, folks!