Seattle Mayor Ed Murray will announce Wednesday his preferred bidder for a KeyArena renovation.

There have been two companies which made formal bids: Seattle Partners, made up of AEG and Hudson Pacific, and the Oak View Group, led by Tim Leiweke.

On Sunday, AEG dropped out, citing issues with the city's vetting process.

KING 5 will carry the announcement live on king5.com and on the KING 5 Facebook page.