Jun 8, 2012, 7:39 PM EST
In an effort to keep the NHL in the city of Glendale, the city council approved a 20-year lease with prospective Phoenix Coyotes buyer Greg Jamison. The move is expected to cost the city about $300 million over 20 years.
The council ultimately approved the deal by a 4-2 vote, with mayor Elaine Scruggs being one of the two against the measure.
Jamison’s investment group will receive $15 million annually to run the arena. At least, that’s how this will work if the deal stands.
The taxpayer watchdog Goldwater Institute is expected to challenge the deal and might be able to void the vote. As you might recall, the Goldwater Institute stood in the way of previous attempts to find an owner for the Coyotes.
On top of that, Jamison still has to put together the financing and money needed to complete the purchase.
So this isn’t over for the Phoenix Coyotes and given how many curveballs we’ve already seen over the course of this lengthy saga, anything is possible. Still, this is a step towards Jamison potentially owning the team.
- Bruins maintain four-point edge in playoff race, hand Coyotes ninth straight loss 0
- NHL on NBC: Rangers look for a fourth straight win against the Flyers 5
- Ducks score four third-period goals, come back to beat rival Kings 9
- Blackhawks aren’t done talking trades, will look to add another forward 13
- Flyers trade Kimmo Timonen to Blackhawks 33
- Video: Couture fined $5K for slew-footing Smith 22
- Time to start winning — Bruins’ next four games are against non-playoff teams 17
- Burgled: Sens’ Hammond shuts out Kings 14
- Wild get important win vs. Preds (and some luck, too) 41
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs 66
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (69)
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs (66)
- Lindros files $3M defamation lawsuit against ex-referee Stewart (Updated: Now $250K) (65)
- The plummeting Coyotes are threatening to fall below the Oilers into 29th place (55)