Even though the Colonial Athletic Association's men's basketball tournament has been in Richmond, Va., for more than 20 years, the conference is looking at moving out of the city after losing two of its biggest draws.

According to a report in the Richmond Times Dispatch, CAA Commissioner Tom Yeager said the league's presidents have asked him to look at the league's options.

By losing Virginia Commonwealth University at the end of the month and Old Dominion in 2013, the draw to the Richmond Coliseum likely won't be as good as it has been the last six years.

"Obviously, the men's basketball tournament is our most valuable asset, so we want to continue to protect and nurture that asset," Yeager told the newspaper. "If that involves an evaluation of where the championship is located, that's going to have to be done.”

Speculation has put the CAA in a couple of different places, including Atlantic City, which lost the Atlantic 10 men's basketball tournament to Brooklyn. According to ESPN.com, Atlantic City and the Palestra in Philadelphia are sites the CAA could consider.

Atlantic City is close to Drexel University and the University of Delaware, which are both in the CAA. Towson is also in one of Atlantic City's feeder markets, but Towson athletic director Mike Waddell has publically said he would like the tournament moved to Baltimore.

Atlantic City officials would not comment on the situation, but have said previously they are looking for something to replace the vacancy the A-10 has left.

With the loss of VCU and Old Dominion, the CAA will have to bring in new schools. Those schools could be Southern-based, thus creating another set of options for the CAA.

However, there is a new basketball tournament on the horizone for Atlantic City. At a Casino Reinvestment Development Authority meeting on Tuesday, the board authorized CRDA executive director John Palmierito negotiate an agreement with Atlantic City for as much as $166,000 to bring a competitive basketball tournament to Boardwalk Hall in December.

The tournament would feature teams from historically black colleges and universities. The money will be used for the services of On Point Marketing Inc., a sports marketing and promotions firm based in Greensboro, N.C., The Press of Atlantic City reported on Tuesday.