Jamison a step closer to buying Coyotes

Published on NewsOK Modified: November 28, 2012 at 3:11 pm •  Published: November 28, 2012
Advertisement
;

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.

Continue reading this story on the...