The Seattle City Council announced Tuesday during a live press conference that it has reached an agreement with Seattle native and San Francisco hedge fund manager Chris Hansen on a deal to build an NBA and NHL ready arena in Sodo, after several financial concessions from Hansen and his group.

“I want to thank Mr. Hansen and his team for his willingness to engage in what is a difficult process,” council president Sally Clark said, adding that the amended deal will be presented to its Government Performance and Finance Committee.

In the new agreement, Hansen and his group will provide additional protection to the city and county should the arena revenues not meet predicted levels or if there is a shortfall and has personally guaranteed debt payments on the arena. He has also agreed to a personal yearly audit.

King County Council member Joe McDermott said in a statement he was pleased with the direction of the process and will review the amended sections of the proposal soon.

“I look forward to working with my council colleagues to review of the details of the city’s proposal,” he said. “We will take the time needed to ensure this is a sound decision for the county.”

Hansen took time on his website to thank both the city and county council, Sonics fans and supporters and also buy anyone who wants it a beer at FX McRory’s.

This article was updated to include a statement from Joe McDermott and information from Chris Hansen.