Virginia Beach is the largest media market without a major league team in the United States.
Virginia Beach Pushes for Professional Sports Arena
Virginia Beach is making a fresh push to bring professional sports to the region. Local entrepreneur Coleman Ferguson is leading a community-driven initiative to fund a 20,000-seat multipurpose arena. Ferguson estimates construction costs between $300 million and $700 million. The venue could generate up to $200 million annually from concerts, sporting events, and entertainment programming.
SEC-Compliant Investment Structure
Ferguson is pursuing a Regulation A+ offering to comply with U.S. Securities and Exchange Commission (SEC) rules. This allows eligible companies to raise public capital while giving investors true equity ownership. Key points include:
- No funds will be accepted until the offering is qualified by the SEC
- The campaign is managed through DealMaker, a crowdfunding platform for SEC-compliant investments
- Shares start at $50, with Virginia Beach residents receiving extra voting power and perks
- Investors can provide input on arena design, team names, programming, and food vendors
- Full financial disclosures, risk factors, and use-of-proceeds documentation will be provided
A project website confirms that no money is being collected yet. Promotional materials are reviewed to avoid misleading statements.
Market Context and Historical Efforts
The Norfolk-Hampton Roads region is one of the largest U.S. markets without a major professional sports franchise. Previous attempts to bring teams to the area include:
- The Virginia Squires, an ABA team featuring Julius Erving and George Gervin
- A 1997 NHL expansion proposal by Charlotte Hornets owner George Shinn
- A 2013 visit from the Maloof brothers, former Sacramento Kings owners, exploring relocation
Despite multiple proposals, no arena has been built—until now. Ferguson’s plan aims to construct the venue first, then attract an NBA or NHL franchise.
Transparency and Investor Protections
To ensure SEC compliance and protect investors, the Virginia Beach Arena Project will:
- File Form 1-A with the SEC, detailing risks, financials, and offering terms
- Provide audited financial statements if fundraising thresholds require it
- Deliver a subscription agreement outlining investor rights and obligations
- Share educational materials to help investors understand risks and limitations of private securities
Ferguson’s approach emphasizes transparency and community involvement. If successful, Virginia Beach could finally secure a major sports and entertainment venue for the region.
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