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Seattle To Hold Press Conference To Announce Arena Deal Thursday, According To Report

Plans are quickly falling into place for the city of Seattle as hedge fund investor Chris Hansen works to secure financing for a new arena. The accelerated talks between Hansen and high-ranking city officials are part of a renewed effort to lure the NBA and NHL to Seattle by building a privately invested arena just south of Safeco Field. According to a report on Wednesday evening, Hansen and the city have finalized the arena plans and will announce them on Thursday.

Chris Egan and Chris Daniels of King 5 TV in Seattle fill in the details.

An arena does not guarantee the NBA's quick return to Seattle, however. For the rest of the pieces to fall into place, Hansen and his investment group would need to purchase an existing team, then get the ball rolling on relocation. Seattle is reportedly eyeing the Sacramento Kings, though the team is in the home stretch of a plan to secure financing and build a new arena of its own.

We'll have more on this story as it develops. For all your Seattle sports news, visit SB Nation Seattle.