On December 19, the Virginia Supreme Court has granted Mid-Atlantic Arena an appeal of the ruling of the Virginia Beach Circuit Court that the City of Virginia Beach had a right to terminate the Arena Development Agreement on the day after Mid-Atlantic Arena closed on its construction loan with the world’s largest bank.
Mid-Atlantic Arena is an affiliate of The ESG Companies and the Arena was a legacy project of our principal, Eddie Garcia, who passed away shortly after trial. He and all of us at ESG truly believe the Arena was a great benefit to the regions’ quality of life and in the best interest of the citizens if Virginia Beach. The Virginia Supreme Court is expected to hear the case in Spring and may make a ruling as early as Summer 2020.