Former Sonic Fred Brown has announced his plans to develop a privately funded downtown arena for professional basketball and hockey in Seattle, the Seattle Times are reporting.

Brown and business partner Dave Bean, said they're looking for financing and a location for a $1 billion sports and exposition facility to be called the Emerald City Center.

"I think we all agree that public funding of sports arenas are over, at least in this city. The model is broken. We believe we have a new model," said Bean.