The Seattle City Council and a group of investors led by Chris Hansen have agreed to a $200 million deal to finance a new arena.

The total cost of the arena is estimated at $490 million.

"That's a real possibility," said Lenny Wilkens about the possibility of a new team moving to Seattle as soon as 13-14. "With this season being so close to starting, I would say that probably next year is the closest time Chris could get a team here.

"More than likely, the team would play at KeyArena until the (new) building is finished. But we can't forget, a few things still need to happen."

The new deal needs approval from the City Council and the King County Council before Hansen can pursue purchasing a team.

The Memphis Grizzlies and New Orleans Hornets, two franchises that could have been candidates for a relocation, have been sold in recent months.

The Milwaukee Bucks, Charlotte Bobcats and Minnesota Timberwolves are also identified as candidates, but the Sacramento Kings is the most likely at this time.