Bruce Rader of WAVY-TV reports that the City of Virginia Beach and Comcast-Spectacor will announce today that they do not have a deal with the Sacramento Kings to get a new arena and an NBA team in their fair beach town.

Rader says a joint announcement from Virginia Beach mayor Will Sessoms and Comcast's Peter Luuko will announce that a deal couldn't be reached with an NBA team at this point, and because of that, the city will not ask the State of Virginia for $150 million of funding needed to entice the team.

Apparently, a deal that is basically a free arena plus funding to cover relocation and two lost seasons in po-dunk buildings was not enough for the Maloofs.

Thanks as always to SacTownMike for the FanShot.

UPDATE, 7:21 a.m. Pacific: The Virginian-Pilot has confirmed the report with Sessoms.

UPDATE, 8:54 a.m. Pacific: Virginia Beach and Comcast have released their joint statement.

UPDATE, 8:55 a.m. Pacific: The Maloofs' spokesman Eric Rose also released a statement. I hope he hasn't worn out his ctrl and v keys.