The City of Markham and GTA Sports & Entertainmnent have called a news conference for Saturday to make a 'major announcement' regarding the proposed GTA Centre project.
GTA Sports & Entertainmnent is the group looking to build an NHL-sized arena north of Toronto. In September, they proposed a new funding formula that would see no public money used towards the construction of the building.
The new option would mean the City of Markham would not have to borrow $325 million, a deal that was originally approved by City Council in 2012.
The group also announced in September that two investment banking firms, Wall Street firm Jefferies LLC and Bay Street firm Canaccord Genuity, had joined the group.