Jun 30, 4:11 AM EDT

Developers for a planned sports and entertainment arena in Virginia Beach say they've secured $200 million in financing for the project


NORFOLK, Va. (AP) -- Developers for a planned sports and entertainment arena in Virginia Beach say they've secured $200 million in financing for the project.

The Virginian-Pilot reports (http://bit.ly/29bBtVx ) that the money has been preliminarily approved by B.C. Ziegler and Company, a Chicago investment bank.

United States Management had previously planned to pay for much of the project with a loan from the Export-Import Bank of China. But that deal posed several challenges and raised concerns about political uncertainly and requirement to use Chinese materials.

Virginia Beach's city council could vote on the updated agreement next month. The arena could be built as early as 2018, a year ahead of schedule.

Developers hope to attract a professional sports team and other events to the planned 18,000-seat venue.

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Information from: The Virginian-Pilot, http://pilotonline.com

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