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."
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Rickie Fowler taunted by fans over his ex-girlfriend

Roger Goodell speaks about future of Pro Bowl in annual address

Mike Krzyzewski provides an update on his health

Sacramento Kings seriously considering firing George Karl

Rick Pitino says school should be penalized, 'but not this team'

Mavericks owner Mark Cuban defends hack-a-player strategy

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Jameis Winston awarded Pepsi NFL rookie of the Year

Trade Rumors: Clippers ‘reluctant’ to deal injured Blake Griffin

Bright future for Minnesota Timberwolves

Eli and Archie Manning say Peyton won’t likely leave Denver if he plays in 2016

NCAA mulls changes to graduate transfer and targeting rules

Cavs active in NBA trade market, covet Jared Dudley

Three keys to victory for the Broncos in Super Bowl 50

Torrey Smith: ‘This is probably the best offense’ for Kaepernick

Byron Scott thought D’Angelo Russell would be further along

Under-the-radar Super Bowl 50 matchups

Is Tim Lincecum's run with the San Francisco Giants done?

$40,000 in Super Bowl tickets stolen from San Francisco hotel

Rams fan makes Super Bowl commercial ripping Stan Kroenke

Panthers LB wants 'clown' Rodney Harrison off the air

Jason Reid: Tom Brady will play at least three more years

Kirk Cousins says he has ‘very good relationship’ with RG3

Super Bowl 50 ticket prices are insane

Take a moment to appreciate the greatness of Cam Newton

4-Star 2018 quarterback Matt Corral commits to USC

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 14 biggest plays in Super Bowl history

Five outrageous predictions for Super Bowl 50

QUIZ: Name the winning starting quarterback from every Super Bowl

The top six matchups that could decide Super Bowl 50

Seven unheralded players set to make major impacts in SB 50

10 underrated performances in the NBA Slam Dunk Contest

X-factors in Super Bowl 50

NHL nightmare: No Canadian teams in playoff hunt

QUIZ: Name the Super Bowl halftime performers since 1991

Manziel's father fears for QB's life

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