Seattle arena investor: Not doing it for the money

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SEATTLE (AP) -- The venture capitalist behind a plan to build a new arena in Seattle to lure the NBA back to town says he's not doing it for the money.

Chris Hansen spoke Wednesday night with a citizen panel charged with scrutinizing the deal.

Hansen is proposing $290 million in private investment toward the construction of a new arena that would cost between $450 and $500 million. Hansen's group would also be responsible for the purchase of an NBA franchise and finding a partner interested in bringing an NHL franchise to Seattle.

At the panel, Hansen said he's not attempting to acquire an NBA team for "financial reasons."

The Seattle native says he's a fan of basketball and is willing to wait, as much as years, to get the deal done.