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Glendale approves new lease agreement for Coyotes sale
Glendale, AZ (Sports Network) - The Phoenix Coyotes will stay in the Valley of the Sun for the next 20 years, provided one little detail is cleaned up.
Greg Jamison must complete his purchase of the franchise from the National Hockey League by Jan. 31.
Late Tuesday night, Glendale city council approved a new $320 million arena management deal with Jamison by a 4-2 vote.
"The affirmative vote by the Glendale City Council is an important step toward the realization of a positive ownership resolution for the Coyotes and their fans," NHL deputy commissioner Bill Daly said in a statement. "The National Hockey League looks forward to working with Greg Jamison to complete the sale process as expeditiously as possible."
Prior to the vote, Jamison had promised that the sale would be completed within 30-to-60 days.
"I think when done right, a professional team is a strong addition to the fabric of life of any community," Jamison said.
The former chief executive officer of the San Jose Sharks, Jamison has pursued ownership of the troubled club for more than a year. He and the league reached a tentative deal to purchase the former Winnipeg Jets back in early May.
The NHL has retained control of the franchise since November of 2009, purchasing it from Jerry Moyes and rescuing the team from bankruptcy.
11/28 17:11:28 ET
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