Seattle Mayor Ed Murray confirmed the Oak View Group (OVG) of Los Angeles as the city's choice to renovate KeyArena.

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Update, 1:30 p.m.

Hollywood film producer Jerry Bruckheimer and billionaire investment banker David Bonderman are joining the Oak View Group’s efforts to renovate KeyArena for NBA and NHL use. Read more on the addition of Bruckheimer and Bonderman.

The Oak View Group (OVG) is expected to be confirmed Wednesday as Seattle’s choice to renovate KeyArena. A news conference is scheduled for 2:30 p.m. (video below) at KeyArena, where mayor Ed Murray plans to announce the city’s plans for the future of the 55-year-old sports facility. OVG CEO Tim Leiweke also is expected to attend.

The announcement comes days after AEG, the other arena bidder, angrily withdrew its offer after discovering a city executive had recommended that Murray accept OVG’s $564 million proposal. Leaders of the group said in a statement that the city’s process has “eroded our confidence in the ultimate execution of this project, no matter which group is selected.”

In their proposal, released in April, the OVG group said it hopes to have the arena renovated by October 2020 – making it ready for the 2020-21 NBA or NHL season. Here’s what you need to know about the proposal.

A look at the OVG renderings:

More Seattle arena news:

Follow our live updates as we bring you the latest developments from Wednesday’s news conference at KeyArena. We will also provide a live stream (below) of the conference, which begins at 2:30.