The city of Virginia Beach will spend the next two months looking to find an NBA or NHL franchise willing to relocate to the city, according to a report from Aaron Applegate of The Virginian-Pilot.

A number of companies led by Comcast-Spectacor met with the Virginia Beach City Council Tuesday night to discuss a possible 18,500 seat stadium located next to the Virginia Beach Convention Center near the Oceanfront that would cost an estimated $350 million.

Applegate reports that the NBA's Sacramento Kings are the target franchise for the move, but there have been no talks between Comcast-Spectacor and the Kings.

Comcast-Spectacor reported in its presentation that the arena would host over 200 events a year that would bring an estimated $66 million in revenues to Virginia Beach by 2015. Comcast-Spectacor and its subsidiary Global Spectrum would lease and run the arena for 25 years.

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