The City of Glendale has approved lease proposals from Ice Edge Holdings and another group highlighted by Chicago sports owner Jerry Reinsdorf, according to ESPN.com. Both groups have said that if they acquire the team, they would keep them in Phoenix.
For Coyotes fans, this is the first step towards keeping the team in town. The Coyotes are currently owned by the National Hockey League and officials have said that they would contemplate other options -- meaning, out of town options -- if the team couldn't be sold to a local group by June, when their current lease with the city expires.
Logically, then, since the two lease proposals have been approved by the city, it's a solid first step. But what comes next? SBN's Five For Howling tried to answer that question.
First the proposals will have to go in front of the City Council in an open meeting so that they can be voted upon. This will likely happen in the next couple of weeks. They could again approve both offers which would give the NHL leeway to choose either offer. So does that mean everything is finished and tied up in a little bow? No, but it does mean that whatever the two proposals were looking for, Glendale found a way to give them what they needed.
This process is far from over, but as mentioned, it's an encouraging first step for fans in Arizona.