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Code · Virginia · Title 15.2 · Chapter 59.3

Code of Virginia § 15.2-5944. Restrictions related to sports teams.

226 words·~1 min read·/va/title-15-2/chapter-59-3/15-2-5944·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.
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.
2020, cc. 538 , 539 .
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