Posted November 28, 2012 on
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City officials approved a $320 million deal Tuesday night to keep the Phoenix Coyotes in the city's arena.
The city council approved a 20-year, $324 million deal for Jobing.com Arena in June, but city leaders sought to renegotiate it. The newly approved proposal would help Glendale because it would reduce payments in the early years of the 20-year deal and save the city $4 million.
Council members debated the proposed arena-management agreement with potential Coyotes buyer Greg Jamison and whether the city can afford the agreement.
The deal requires Glendale to cut $20 million from the general fund. That means trimming dozens of positions within city government over the next five years. Without the team, Glendale would still have to trim $12 million.
The council approved the deal on a 4-2 vote.
Interim City Manager Horatio Skeete did not recommend the proposal, according to The Arizona Republic. He said keeping the team may be in the long-term best interest of the city, but it would require too many cuts in the near future.
Glendale has twice pledged $25 million to the NHL to operate the arena and keep the team in Glendale. The NHL has operated the Coyotes since former owner Jerry Moyes took the team into bankruptcy in 2009.
Jamison said Tuesday night that he'd like to buy the team and close a deal within the next month or so.
The deal came on the 73rd day of the NHL's player lockout. All games have been canceled through Dec. 14 in the labor standoff.
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GLENDALE, Ariz. (AP) -- City officials approved a 320 million deal Tuesday night to keep the Phoenix Coyotes in the city's arena.
The city council approved a 20-year, 324 million deal for Jobing.com Arena in June, but city leaders sought to renegotiate it. The newly approved proposal would help Glendale because it would reduce payments in the early years of the 20-year deal...
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.
Greg Jamison took a big step toward completing his deal to buy the Phoenix Coyotes.
All that's left is one last hurdle.
Glendale's City Council approved a reworked arena lease deal with Jamison late Tuesday night, clearing the way for the former San Jose Sharks CEO to buy the team from the NHL.
The council voted 4-2 in favor of a 20-year, $320 million arena management...
A major roadblock to keeping the Phoenix Coyotes franchise from relocating has been officially removed. By a 4-2 vote, city officials in Glendale, AZ, approved a 20-year, $320 million lease deal to keep the Coyotes in the local arena.
Under the terms of the revised deal, there are slightly reduced payments in the early years of the 20-year arrangement. By agreement with potential...
from Scott Burnside of ESPN,
Tuesday night looms large for the Phoenix Coyotes, given the long and rutted road they have traveled in search of an owner.
The Glendale City Council is expected to vote Tuesday on a reconfigured lease agreement between potential owner Greg Jamison and the municipality.
The deal would pay Jamison $320 million during the life of the 20-year...
$320-million over $20 years...
The Glendale (AZ) City Council, mired in budget shortfalls, public service deficiencies, and public servant shortages approved an arena deal with proposed Phoenix Coyotes suitor Greg Jamison approved the deal at a city council meeting late last night eastern time.
Jamison said he hoped to complete his purchase of the team in the next 30 to 60...