Finance deal reported for new Seattle arena

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SEATTLE (AP) -- King County Executive Dow Constantine and Seattle Mayor Mike McGinn have called a Wednesday news conference to announce a financing agreement with Chris Hansen who hopes to build a new arena to bring NBA and NHL teams to the city.

The arena would be built near the Mariners' Safeco Field and CenturyLink Field where the Seahawks and Sounders play.

The county and city councils will be asked to review the agreement in coming weeks.

Previously, Hansen has proposed a new arena that would cost between $450 and $500 million and would include $290 million in private investment. Hansen's group would be responsible for the purchase of an NBA franchise and finding a partner interested in bringing an NHL franchise to Seattle.

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Information from: KOMO-TV, http://www.komotv.com/