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Glendale approves lease agreement with Coyotes

Wednesday, 11.28.2012 / 9:00 AM / News

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Glendale approves lease agreement with Coyotes
The Glendale City Council approved a revised $320 million lease agreement Tuesday night with potential Coyotes owner Greg Jamison as he attempts to purchase the team from the National Hockey League.

The Glendale City Council approved a revised $320 million lease agreement Tuesday night with potential Phoenix Coyotes owner Greg Jamison as he attempts to purchase the team from the National Hockey League.

The deal voted on Tuesday is slightly revised from a June approval of a 20-year, $324 million lease. The revised deal reduces payments in the first several years and will save the city $4 million.

The measure passed by a 4-2 vote Tuesday night after a long council session, which included comments from Jamison and members of the Glendale community. Coyotes president and chief operating officer Mike Nealy and general manager Don Maloney also represented the team Tuesday night.

“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 revised agreement is contingent upon Jamison completing the purchase of the team from the NHL by Jan. 31, 2013.

The League bought the Coyotes out of bankruptcy in 2009 and has since been seeking ownership tied to keeping the franchise in the city.

"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."

Before the vote was announced, Jamison said that if the agreement were to pass, his deal to purchase the franchise from the NHL would come "as quickly as possible, hopefully within 30-60 days."

Jamison, the former CEO of the San Jose Sharks, said he is excited about the opportunity to run Jobing.com Arena, which serves as the anchor tenant in the Westgate City Center.

"The major-league franchise has a very strong obligation to be a partner with the city it resides in," Jamison said.

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