Phoenix Coyotes lease deal approved by Glendale City Council

Matt Kartozian-US PRESSWIRE

Suitors to own the Phoenix Coyotes won a major vote in the city of Glendale, Ariz., that will finally allow Greg Jamison's ownership group to purchase the franchise from the NHL.

The light at the end of the tunnel for the Phoenix Coyotes remaining in Arizona appears to be visible.

On Tuesday, the Glendale City Council voted 4-2 in favor of a 20-year, $320 million deal that includes a lease agreement for Jobing.com Arena. That should allow Greg Jamison's ownership group to purchase the Coyotes from the NHL. The former CEO of the San Jose Sharks would thereby become the anchor tenant for the city-owned arena.

After discussing a reworked deal a week ago, the new agreement that includes incentives and penalties. It also has lower yearly payments in the early years of the 20-year deal, according to AZCentral.com.

Glendale mayor Elaine Scruggs and councilwoman Norma Alvarez voted against the deal, saying the financially-struggling city could not afford the deal. Scruggs went as far as saying she supported police and firefighter uniforms, not that of a hockey team.

The Coyotes went bankrupt in 2009 and after the NHL took control, the team had a long, strange search for a buyer as the threat of the franchise leaving the state loomed.

Jamison and his ownership group will pay $170 million to complete the purchase of the Coyotes, and that should completed in the next month or two.

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