Seattle approves $490 million arena deal

Seattle basketball fans may have their own team to cheer for in the next few years (Ronald Martinez, Getty Images)

The very thing that drove the Seattle SuperSonics to Oklahoma city could see an NBA team return to the Emerald City. Four years after a dispute over renovations to Key Arena, The AP reports that the Seattle City Council has voted in favor of a proposal that would build a $490 million dollar arena in the South Downtown area of the city - nearby the stadiums where the Seahawks play their NFL games and the Mariners play baseball.

Investor Chris Hansen will front $290 million himself, while the city's taxpayers will pay the remaining $200 million. The main holdup in the deal was an additional $40 million to assist with infrastructure concerns - opening up the roads and arteries in the area to make transportation easier.

However, The Seattle Times reports that Hansen must secure either an NBA or NHL franchise to play in the arena before work can begin.