Jul 3, 2013, 2:02 AM EST
The former Phoenix Coyotes — now the Arizona Coyotes — will stay in Glendale.
Well, for a little while longer.
In a 4-3 vote, the City Council has approved prospective Coyotes owner Renaissance Sports & Entertainment’s (RSE) 15-year, $225 million lease agreement for Jobing.com Arena. That will pave the way for RSE to buy the team with the goal of keeping them in Glendale.
At the same time, this isn’t necessarily the end of the Coyotes’ long saga.
While this deal will give the franchise another shot, RSE did retain an out-clause that can be activated if the team’s losses reach a cumulative total of $50 million or more within the first five years of this agreement.
Conversely, Glendale doesn’t have an out-clause.
That being said, RSE added a “make whole” component that would provide the city with some compensation should the team relocate, according to Yahoo! Sports’ Nick Cotsonika.
RSE will also have the backing of the Philadelphia Flyers’ owners, Global Spectrum.
“Combining Global Spectrum’s management of the stadium next door with the efforts at the arena creates unique operating efficiencies that will be financially beneficial to both venues,” Flyers president Peter Luukko said prior to the vote.
So the long-term future of the Coyotes is still very much in doubt. But at least it looks like they’ll have something that they haven’t had since 2009:
- Wild coach accuses Sharks of embellishment 0
- Lundqvist hooked after three first-period goals as Rangers’ woes continue 20
- Burke wants the Flames to be — yep, you guessed it — more ‘truculent’ 40
- Flames fire GM Jay Feaster 36
- Video: Projected rise in salary cap could have some players ‘licking their lips’ 19
- Discuss: Blackhawks score big on Rivalry Night on NBCSN 37
- Crosby: If I had to guess Thornton’s suspension, I’d say 10 games 83
- Cowen gets two-game suspension for hit on Girgensons 12
- Rangers must consider Callahan’s injury history in contract talks 13
- The Chip ‘n’ Chase: Outrage over hockey violence, Gary Bettman is a happy man, Darryl Sutter is awesome, and more! 33
- Video: Penguins’ Orpik stretchered off ice; Bruins’ Thornton given match penalty (184)
- Neal suspended five games for kneeing Marchand in the head (156)
- Bruins coach admits Thornton crossed the line, slams Pens for not being ‘truthful’ (138)
- Pens put Orpik on IR (132)
- Orpik suffers from concussion, including memory loss (118)