A source tells KING 5 News a press conference is scheduled at Seattle City Hall Thursday to announce a deal on a new sports arena complex.

Chris Hansen, a former Seattleite, and current San Francisco hedge fund manager who has approached Seattle about his interest, is reportedly in Seattle.

Hansen recently purchased property south of Safeco Field on Occidental Avenue South, south of Massachusetts Street.

Mayor Mike McGinn confirmed last week that negotiations are underway with Hansen to build a new arena in SODO.

– Reported by KING 5 News

Read NBA fan opinion and share your views in this basketball forum topic