Originally posted on Fox Sports Arizona  |  Last updated 11/29/12
GLENDALE, Ariz. (AP) -- The Phoenix Coyotes have taken a major step toward securing an owner. All that's left is one last hurdle. Glendale's City Council voted late Tuesday night in favor of a reworked 320 million arena management deal with Greg Jamison, clearing the way for the former San Jose Sharks CEO to complete his purchase of the team from the NHL. "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 Wednesday. "The National Hockey League looks forward to working with Greg Jamison to complete the sale process as expeditiously as possible." The City Council approved a 20-year, 324 million deal for Jobing.com Arena in June, but, faced with growing financial constraints, city leaders sought to renegotiate the deal. The council voted 4-2 in favor of the new deal, which cuts back Glendale's payments in the first five years, gives Jamison incentives to bring in more non-hockey events and issues penalties if there is an NHL lockout. The current lockout is in its 11th week and has wiped out more than 400 regular-season games, along with the NHL All-Star game. The new arena deal requires Jamison to complete his purchase of the team from the NHL by Jan. 21, 2013, a deadline he was confident would be met. "I know they (city leaders) want closure very badly, and so do I and the rest of the group," Jamison said after the meeting Tuesday night. "We're confident we can get there." It's been a long wait. The Coyotes have been run by the NHL the past three seasons, since former owner Jerry Moyes took the team into bankruptcy in 2009. The team still managed to be successful on the ice despite financial limitations, reaching the playoffs all three years, including the franchise's first trip to the Western Conference finals in 2011-12. The Coyotes have had several potential suitors in that time. A deal with Chicago businessman Matthew Hulsizer appeared to be in place last year before the conservative watchdog group Goldwater Institute killed it by warning potential bond buyers to stay away from the Glendale offering because of a looming lawsuit. Goldwater tried to stop the deal with Jamison, but the City Council voted in favor of the lease agreement during the summer, and Glendale voters in November's election upheld a 0.7 percent sales tax increase designed to help the city's finances. With the council agreeing to the reworked arena agreement, Jamison must now complete his deal with the NHL and gain approval from the league's board of governors. "We're here, we're excited about some NHL hockey, we're looking forward to the lockout being over and we're also looking forward to the future," Jamison said. "We believe strongly not only in the product, we believe strongly in the community, we believe strongly in the Valley and we think basically this a good place to be, a good place to have a team and the future looks bright."
MORE FROM YARDBARKER:
One Gotta Go: NFL legends talking comedians is no joke
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Madden 17's live commentary tackles Kaepernick controversy

EON Sports strikes VR partnerships with Miami, PSU

Mike Tyson accused of stealing ice cream treat at U.S. Open

Calvin Johnson to join DWTS, sister says he ‘can’t dance’

Eagles rookie nixes anthem protest after talking to agent

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Report: Romo has no ligament damage, to resume training soon

Michael Phelps to be honored with unique Wheaties box

Woman suing Brewers after being struck by foul ball

Report: ‘Strong chance’ J.J. Watt will play in Week 1

Broncos name Trevor Siemian their Week 1 starter

Report: Jets fielding calls for Geno Smith

The hottest MLB pitchers headed into September sprint

Kanye West, Saint Pablo Tour and the anti-celebrity

WATCH: John Randle on the first time he talked trash in the NFL

The hottest hitters in MLB heading into September sprint

Who has the most to prove at the US Open?

Vontaze Burfict on Steelers: ‘I don’t give no f—s about them’

Alistair Overeem: Brock Lesnar will never return to UFC

Top five Heisman Trophy candidates for 2016

Five young NFL players set to explode in 2016

A sports history of not standing up for the national anthem

Heading into the homestretch: 2016 ROY favorites

Six NFL quarterbacks the Cowboys must consider

All Sports News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

The hottest MLB pitchers headed into September sprint

West-ern Literature: How Kanye's fans find meaning in between the lines

Madden 17's live commentary tackles Kaepernick controversy

Kanye West, Saint Pablo Tour and the anti-celebrity

WATCH: John Randle on the first time he talked trash in the NFL

The hottest hitters in MLB heading into September sprint

Who has the most to prove at the US Open?

A sports history of not standing up for the national anthem

Premier League notebook: The love affair at Man U

Heading into the homestretch: 2016 ROY favorites

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker