(CBS Seattle) – No one in Sacramento (or Seattle) is celebrating just yet, but with the recent development of Virginia Beach suspending its bid to lure the Kings with a new arena, many NBA fans on the west coast breathed a small sigh of relief.

According to the Norfolk Virginian Pilot, Virginia Beach’s Mayor Will Sessoms says the arena project is dead for the time being.

Sessoms told reporters this morning the city can’t afford to be “aggressive” at this point, but added that the company poised to facilitate the 18,500-seat area will still be in negotiations with the city and the NBA team being targeted — more than likely The Sacramento Kings.

The deal structure had been for the city to put in $241 million, a state contribution of $150 million and $35 million from Comcast-Spectacor. That money included $80 million to be paid to the team for relocation costs, according to The Norfolk Virginian Pilot.

-Chris Coyle, 1090 The Fan

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Norfolk Virginian Pilot contributed to this report.)