Glendale votes in favor of arena lease with prospective Coyotes’ buyer
In an effort to keep the NHL in the city of Glendale, the city council approved a 20-year lease with prospective Phoenix Coyotes buyer Greg Jamison. The move is expected to cost the city about $300 million over 20 years.
The council ultimately approved the deal by a 4-2 vote, with mayor Elaine Scruggs being one of the two against the measure.
Jamison’s investment group will receive $15 million annually to run the arena. At least, that’s how this will work if the deal stands.
The taxpayer watchdog Goldwater Institute is expected to challenge the deal and might be able to void the vote. As you might recall, the Goldwater Institute stood in the way of previous attempts to find an owner for the Coyotes.
On top of that, Jamison still has to put together the financing and money needed to complete the purchase.
So this isn’t over for the Phoenix Coyotes and given how many curveballs we’ve already seen over the course of this lengthy saga, anything is possible. Still, this is a step towards Jamison potentially owning the team.