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Glendale votes in favor of arena lease with prospective Coyotes’ buyer

Jun 8, 2012, 7:39 PM EDT

GLENDALE, AZ - APRIL 27: Mike Smith #41 of the Phoenix Coyotes makes his way to the ice for warm-ups prior to facing the Nashville Predators in Game One of the Western Conference Semifinals during the 2012 NHL Stanley Cup Playoffs at Arena on April 27, 2012 in Glendale, Arizona. (Photo by Norm Hall/NHLI via Getty Images) Getty Images

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.

  1. mclovinhockey - Jun 8, 2012 at 8:30 PM

    Yaaaay keep hockey with the worst fan base in the NHL. Smart move

  2. rainyday56 - Jun 8, 2012 at 8:37 PM

    So this means, moving forward, any prospective new owners will have to secure at least $20M annually in local public funding in order to obtain NHL franchise rights? The precedent has been set.

    • claysbar - Jun 8, 2012 at 9:16 PM

      Actually means Goldwater would stop squawking around the 8-10 mill a year. It really is a shame that for all this time and effort that a loyal, albeit small fan base, will lose a team that has played pretty well recently and most of their time there.

  3. flyeredup - Jun 8, 2012 at 11:30 PM

    4200 fan a game! Move this team from a joke market. Ilya Bryzgalov failed this year cuz Phoenix “fans” treated him like a cupcake.

    • georgemuresanwasmygiant - Jun 9, 2012 at 9:42 AM

      He failed cause he is a head case

  4. giantssb42champs - Jun 9, 2012 at 5:45 AM

    $300 mil of public money to help a team that no one cares about in a city with one of highest jobless rates in the U.S. yeah that about makes sense.

  5. darksidecowboy - Jun 9, 2012 at 11:18 AM

    All you jealous nay-sayers and haters can kiss my cactus! I can’t wait when all this is said and done. New ownership will bring this franchise to new levels, and all the ice trolls can go spouting all their bs to other teams in financial trouble. I agree this has been a dumpster fire struggle these past years, but hey if your city had the Glendale city council running the show you’d know what true frustration is. I think we can all agree, that this needs to be resolved soon, or move the team to your town whatever. However, unlike previous owner potentials, Jamison is the real deal…….sigh….finally

    • guitarmy204 - Jun 9, 2012 at 12:16 PM

      the real deal who is having a hard time trying to find people who want to lose money and help him own the team

    • atwatercrushesokoye - Jun 9, 2012 at 12:28 PM

      Jamison originally had the guy who owns Boston Pizza, Mr.Lube and many other Canadian companies lined up for the money, Jim Trevelling is one of the guys on Dragon’s Den (what the US show Shark Tank is based on) and knows good investments when he sees them, furthermore his son is part of the hockey hierarchy in Phoenix already, he took one look at the teams books and backed out of the deal.

      Even getting $15 million per year this just isn’t a financially feasible team. With all due respect to you and other Coyotes fans keeping the team in Glendale means that a bunch of people are going to lose money.

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