In 1969, when Perry Como sang "the bluest skies you've ever seen are in Seattle," the Seattle Supersonics were in their second year of existence. Ten years later the Sonics won the NBA title and the Emerald City had its first (and only) professional title of the modern era. That famous team featured enduring Seattle legends like "Downtown" Freddie Brown, Jack Sikma and John "JJ" Johnson, as well as Hall of Famer Dennis "DJ" Johnson.

In 1996, another Sonic team laden with stars - Gary Payton, Shawn Kemp, Detlef Schrempf - captured the imagination of the entire country. That George Karl-coached squad made it to the NBA finals but like so many others, lost to Michael Jordan's Bulls.

Twelve years after that, Como's blue skies darkened considerably when a consortium from Oklahoma City, led by Clay Bennett and with the approval of NBA boss David Stern, moved the Sonics from the Northwest to the Midwest.

It was an emotional punch to the gut for a place that considers itself a big-time sports town. A first class, world-renowned city (and the 14th biggest TV market in the US) had been punked by an overgrown cowtown.

There was a massive sense of betrayal, with Sonics' owner Howard Schultz - also the man behind homegrown coffee giant Starbucks - painted as the villain who allowed the team leave. To this day, friends of mine will not buy coffee at Starbucks for that reason.

So you can see why Seattleites went weak at the knees with last week's news that hedge fund manager Chris Hansen wants to help bring the NBA back, by building a new arena south of the city without using any public funds. Hansen - who grew up and went to high school in Seattle - and his investment team would kick in $290 million of their own money, while taxes generated by the new arena would raise a further $200 million.

While it all sounds too good to be true, there are some major obstacles to overcome. As the deal currently stands, the arena won't be built until Hansen is able to get a commitment from the NBA, and that may be tricky.

Sacramento, which for the past year or two has been the most likely candidate for relocation, may be getting its act together. Mayor Kevin Johnson - a former NBA star - is behind a February 28th city council vote that if passed, would provide funds for a new arena.

The other vulnerable team is New Orleans, which is currently controlled by the league. There's no doubt the NBA has struggled in the Crescent City, but Stern - possibly still affected by post-Hurricane Katrina guilt - has long maintained that he wants to find local owners for the Hornets. Apparently there is some interest, which means the odds are against the Hornets ending up in Seattle.

So where does that leave Hansen and the thousands of fans who want the Sonics back in Seattle? Good question.

Stern - who not long ago hinted that it would be a long time before the NBA returns to Seattle - has been effusive in his praise of the new arena plan. He might be telling the truth or he might be elated that the possibility of a brand new facility in Seattle means leverage for other teams in need of new buildings. You know the drill: hey citizens, if you don't give us a new facility, we're moving to Seattle. It's a bit like that mythical Los Angeles football stadium.

In the meantime, there is another potential tenant for the Seattle arena: a National Hockey League franchise. Hansen is an NBA guy at heart, but he has admitted an NHL team would be welcome. There's no doubt the ailing Phoenix Coyotes are in desperate need of a new locale, but is Seattle the right fit?

Unfortunately, the Coyotes are ready to go now and the only interim place to play is the outmoded Key Arena - one of the main reasons the Sonics left town - which only seats 11,000 for ice hockey. Surely Quebec City, with the 15,000 seat Colisee and new arena all but guaranteed for 2015, is a more attractive proposition at the moment for Gary Bettman and those at NHL HQ.

The bottom line for Seattle sports fans is that the Hansen plan makes sense. The city needs a new facility and the financial aspect is quite manageable. But we live in an "I want it now" society and this one might take awhile to get across the line. So don't get those #20 Gary Payton jerseys out of the closet just yet.