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Virginia Senate rejecting finance bill for Monumental Sports move [Video]

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Small Business Funding

While the House bill is still alive, the Senate Finance Committee says it has no plans to move forward over concerns about taxpayer money.

Virginia’s Senate Finance Committee met Monday morning, but a piece of legislation that was expected to be a topic of discussion wasn’t even on the docket. The legislation had proposed creating a sports authority that would issue more than a billion dollars in bonds to build a sports and entertainment district for the Washington Wizards and Capitals near the Potomac Yard Metro station. Monumental Sports and Entertainment, the teams’ parent company, would have to repay the loan from the revenue it generates.

Tuesday was the deadline by which the bill needed to be heard and advanced to the full Senate if it had a future, but senators made it clear they weren’t interested in moving forward. 

Sen. Louise Lucas (D-District 18), the committee chairwoman, explained that …

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