LAUREN MARKOE AND RICK BONNELL of the Charlotte Observer report: The Charlotte City Council voted 8-3 Monday night to approve a $231 million arena-building plan that council members hope will keep the Hornets in town.

Charlotte Mayor Pat McCrory expected the arena vote to prompt a quick announcement of an alternative ownership group for the team. But Nelson Schwab, the Charlotte businessman leading the effort to find such a group, said after the vote he didn't expect an announcement in the next few days.

Schwab would not identify potential investors, but added, "I think the money is out there. I'm pretty confident of that."

The council voted to make the deal contingent on having a major league tenant for the building. They would also require the sale of the Hornets to a new ownership group.

The council also said property taxes would not be used as a revenue source for the arena. The council amended its original proposal so the deal would use money from the general fund but not from property tax sources. Critics contend, however, that under the current plan, it would be impossible to avoid using property tax revenue.

As recently as Sunday, Hornets co-owner Ray Wooldridge said he is "100 percent" sure he and partner George Shinn would not sell. Still, Charlotte business and political leaders leading the efforts to keep the team hope Charlotte's past success with an NBA team and its much larger television market will convince the NBA to choose Charlotte over New Orleans.

Another hurdle for the city is the uncertainty over an arena site.

The next key step is addressing the NBA's questions -- the general outline of an arena lease and who might be prepared to buy the Hornets, since Shinn and Wooldridge say they won't stay in Charlotte as owners.