It appears the drawn-out saga of whether the Coyotes will remain in Phoenix is over. They're set to settle in.
City officials in Glendale, Ariz., approved a new 20-year, $320 million lease for potential Coyotes owner Greg Jamison on Tuesday night. Jamison and his unnamed investors must purchase the team by Jan. 31 in order to formalize the lease, and he said he hopes to complete the sale in a month or so. The NHL took over the team in 2009.
"I think when done right a professional team is a strong addition to the fabric of life of any community - Glendale included,” Jamison said.
The lease passed by a vote of 4-2, with the dissenters saying the cash-strapped community can't afford to give a struggling hockey team $320 million. But the plan's supporters said Jobing.com Arena and its surrounding entertainment district need an anchor tenant to survive. The new deal also reduces payments to the Coyotes in its early years to benefit the city.