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.
- PHT’s top 14 of ’14: Ovechkin’s great big year of disappointment 7
- PHT’s top 14 of ’14: Kings win Cup, Martinez the OT hero 0
- Welcome to PHT’s top 14 stories for 2014 0
- Scott suspended four games for punch that was ‘neither predictable, nor acceptable’ 23
- Sharks’ Scott has hearing for his punch to Jackman 30
- (Video) PHT Extra: Christmas wish lists from around the NHL 2
- PHT interviews Don Maloney, who knows he has a big trade chip in Vermette 7
- Backstrom to start for Wild, who need their goalies to be ‘better’ 13
- NHL on NBCSN: Avs challenge Blues after narrow losses to St. Louis 6
- Gaudreau’s first hat trick helps Flames stun Kings 7
- Sabres aren’t happy with league’s decision regarding Bartkowski (75)
- Report: NHL won’t hold hearing for Bartkowski hit (55)
- Video: Bartkowski delivers controversial hit to Gionta, fights Foligno (47)
- Could Malkin be the next player to be fined for diving? (43)
- Panthers hold off Penguins for shootout win (42)