VIRGINIA BEACH, Va. (WVEC) -- Time for finding the funds to build an 18,000 seat arena in Virginia Beach is running out.

Mid-Atlantic Arena, formerly United States Management, has been given a deadline of this Tuesday to locate the money to construct the attraction.

Mayor Will Sessoms said if the developers cannot get the money by then, the deal is off.

Sessoms also made it clear that there will be no extension given.

When Sessoms made the announcement earlier this year, two banks agreed to $300 million in loans for the project. The city followed that offer with minor adjustments.

Despite the hard deadline, the developer said they are confident the funding will go through by next week.