The Associated Press and Fox News are reporting that the Seattle city council has just approved the construction of a new $490 million arena with the intention of luring both an NBA and an NHL team. San Francisco hedge-fund manager Chris Hansen is spearheading the project. With that kind of money in play, you have to think something substantial is in the works.

Although Hansen has been opaque about the details of what NHL team he would be attempting to bring to Seattle, it is a tempting proposition for thousands of hockey fans in the Pacific Northwest to mull over. An environmental impact study is still pending before the project could move forward.