Report: Chicago mayor to announce $300 million DePaul stadium plan

Plans are in the works for a $300 million, 12,000-seat arena for DePaul University's basketball teams to be built near downtown Chicago, reports the Chicago Sun-Times.

Chicago mayor Rahm Emanuel is expected to announce plans this week for DePaul University at McCormick Place - a proposal that will call on $100 million in taxpayer dollars. The team currently plays in the 17,500 seat AllState Arena, which opened in 1980.

There are also plans to build two mega hotels on the property in the hopes of aggressively growing convention and meeting business in Chicago.

The men's basketball team finished 11-21 this season, have just six conference wins in the past three season and have not been to the NCAA Tournament since 2004.

More from the Sun-Times:

The tentative plan is for DePaul to commit $100 million to the project, for taxpayers to contribute another $100 million and for a naming rights sponsor to pick up the rest of the cost, a source with knowledge of the plan told the Chicago Sun-Times. “The plans will pimp Chicago Bulls owner Jerry Reinsdorf’s attempt to lure the Blue Demons to the United Center and the new training facility he is building near the United Center,” one source told the Chicago Sun-Times. “This really ups the competition.”