June 6, 2012
Glendale to vote on Coyotes deal: Report
By QMI Agency
Greg Jamison could soon be one step closer to owning the Phoenix Coyotes.
Glendale City Council will vote Friday on a proposed 20-year lease agreement for Jobing.com Arena with the former San Jose Sharks executive, according to The Arizona Republic.
The council will also hold a closed-door meeting Thursday to review the terms of the lease and non-relocation agreements with the prospective Coyotes buyer.
The city appears poised to pay the ownership group led by Jamison nearly $325-million over a 20-year period to operate and improve the city-owned arena.
An analysis by The Arizona Republic of a draft of the agreement released by the city showed Glendale expects to collect less than half that amount through ticket surcharges, rent, sales tax and other fees.
Last month, the NHL announced a tentative sale agreement of the Coyotes to a group led by Jamison. The team has been owned by the league since November 2009.