Virginia Code 15.2-5944: Restrictions related to sports teams
A. If the Authority plans to use a Facility for the sole purpose of conducting athletic events involving a sports team, the Authority shall not enter into any contractual agreement with such sports team unless such contractual agreement requires that the sports team (i) not relocate until any bonds issued under this chapter are repaid or defeased and (ii) operate the Facility until any bonds issued under this chapter are repaid or defeased.
Terms Used In Virginia Code 15.2-5944
- Athletic events: means events conducted by a sports team. See Virginia Code 15.2-5935
- Authority: means the authority created pursuant to § Virginia Code 15.2-5935
- Facility: includes any temporary construction related to the Facility. See Virginia Code 15.2-5935
- Hampton Roads locality: means the City of Chesapeake, Norfolk, or Virginia Beach. See Virginia Code 15.2-5935
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Sports team: means a sports franchise holder that is a part of the National Basketball Association, the National Basketball Association Development League, the Women's National Basketball Association, the National Hockey League, the American Hockey League, the ECHL, the Federal Prospects Hockey League, the Ligue Nord-Américaine de Hockey, or the Southern Professional Hockey League, and any other national sports league. See Virginia Code 15.2-5935
B. If the Authority plans to use a Facility for the sole purpose of conducting athletic events involving a sports team, the Authority shall not issue bonds under this chapter until it executes a long-term lease with (i) the owner of the sports team or (ii) a third party that has entered into a long-term sublease with the owner of the sports team.
C. If the Authority plans to use a Facility for the sole purpose of conducting athletic events involving a sports team, the Authority shall not issue bonds under this chapter until the league of which the sports team is a member publicly approves a proposal for the sports team to be located in a Hampton Roads locality.
D. The provisions of this subsection shall not apply if the Authority plans to use a Facility also for the purpose of holding entertainment events and conferences.