Report: Plan aimed at NBA, NHL teams

Updated: February 16, 2012, 2:46 AM ET
ESPN.com news services

A wealthy San Francisco hedge-fund manager will reveal his plan for a sports arena in Seattle on Thursday, two city sources told The Seattle Times.

Christopher Hansen -- who grew up in the Rainier Valley, has Seattle ties and is a follower of the city's pro sports teams -- wants to construct a facility that will attract NBA and NHL teams, according to the newspaper.

Hansen also told the paper in an interview Wednesday that an announcement was pending.

"We're very close to announcing our offer to the city. That's why I'm here," he told the paper.

According to The Seattle Times, the cost of the facility is an estimated $400 million and Hansen said he realizes the problem of funding the facility with taxpayer money. While the details remain unknown, it is expected that the facility will be funded by investors and tax revenue from the arena. Purchasing NBA and NHL teams would incur hundreds of millions more in costs, according to the newspaper.

In 2006, city voters passed an initiative requiring Seattle to profit from any investment in a sports arena.

Hansen owns property south of Safeco Field that is zoned for stadiums and began negotiations with the city in June, the paper reported.