(Top) Fans at a pep rally showing their support for bringing an NBA team to Seattle; (Left) Businessman Chris Hansen is leading the charge.

It’s been four years since the Seattle SuperSonics left the aging KeyArena for Oklahoma, and now a successful businessman is hoping to lure a team back to the Pacific Northwest with a new $490-million arena.

In late September, the Seattle City Council and King County Council signed off on a plan to build a new arena with the aim of...

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