Phoenix Coyotes Sale: Greg Jamison Finally Secures Funding To Buy Team, Report Says

ESPN is reporting Greg Jamison has secured funding to buy the Phoenix Coyotes from the National Hockey League for $170 million. The report also states the city of Glendale and the potential owners shouldn't have any hangups regarding the lease agreement on Jobing.com Arena, the home stadium of the Coyotes.

Jamison is the former president and CEO of the San Jose Sharks and has pursued the purchase of the team from the NHL despite a potential looming lockout and issues with the city over lease agreements. The NHL has managed the books of the Coyotes since 2009 when the team's finances took a massive turn for the worse.

Scott Burnside's report has more on lease agreement:

Jamison had previously agreed to a deal with the City of Glendale for a 20-year lease that would see the city pay $324 million in management fees over the life of the lease. That agreement only becomes valid when Jamison closes the deal with the NHL although multiple sources said that once the sale is completed the lease agreement will kick in virtually simultaneously. There could be some minor tinkering with the lease agreement before the sale is complete but nothing major, the source said.

Jamison's fellow investors haven't been identified yet, but some are members of the Ice Edge Group, a collection of North American businessmen originally trying to purchase the Coyotes.

Stay tuned to this story steam as this is a developing situation.

For more on the Phoenix Coyotes follow Five For Howling. For all of you NHL needs, follow SB Nation's dedicated NHL hub.

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