UPDATE: Announcement On Arena at 2PM Today

KING 5 TV reported after Wednesday evening a source says an announcement will be made at 2 p.m. Thursday at Seattle City Hall regarding funding of a possible arena in the city's SODO area south of Safeco Field.

"As reported by Patch on Monday, Chris Hansen a former Seattle graduate is behind the funding of an arena that is expected to attract a NBA and/or NHL teams.""As reported by Patch on Monday, Chris Hansen a former Seattle graduate is behind the funding of an arena that is expected to attract a NBA and/or NHL teams."

Tuesday night the city of Sacramento passed a resolution 9-0 to go ahead with a plan to privatize parking in the city. Money would be used to finance an arena and keep the Sacremeto Kings there instead of possibly moving to another city. The Sacramento Bee reported today their proposed arena calls for $85 million coming from the King's owners.  The NBA set a March 1 for the city to have a plan in place. If Sacramento keeps the Kings in town, the New Orleans
Hornets could move to Seattle as they are currently owned by the NBA.

It’s unknown if Hansen has talked with the NBA or NHL about a possible team. Hansen has been a name to nearly everyone; only a few have actually met with him in person.

More will be known about Hansen and this possible arena that could bring back professional basketball to Seattle after the Thursday's announcement.

King5.com will carry the announcement live from Seattle City Hall.

Check back later today for more updates about the annoucement on Patch.