A group in Seattle is privately funding its own arena, prompting some to ask why Calgary can’t do the same.

The Seattle Arena Group has its own investors and has raised $500 million to build the arena after getting shot down by the city.

"We got into this because we want to get an arena built because we want to get the NBA and we hope also the NHL here. That's it pure and simple,” said Wally Walker, Seattle Arena Group.

The Calgary Sports and Entertainment Group is aware of Seattle’s decision, but says Calgary’s market isn’t big enough to try something similar. The city said it would welcome a private funding formula.

"If anybody wants to fully fund a facility we will move heaven and earth to make it happen," said Andre Chabot, Ward 10 Councilor. "People move to cities not just because of the housing or because of the infrastructure but they look at the services, amenities including major franchise teams like the flames."

When Edmonton and the Oilers were in talks for a new arena in 2012, Wayne Gretzky and Oilers management made headlines by showing up at a Seattle Seahawks game, starting rumours the team would move if the city didn't fund some of the project. Ken King says that won't happen here.

“I think that would be a great travesty for our city and for the region and really for all of Alberta, we think we are an important and integral part of the cultural fabric. In order for us to maintain that status, we need to put this deal together,” he said.

The two sides are expected to meet before the end of the year with a detailed report on whether the West Village or the Stampede grounds is the best option.

Another matter which could factor into the decision is whether or not the city decides to bid on the 2026 Olympics. That decision isn’t expected until next spring.