Lockout Thread: I told myself I wouldn't do this| Part IV
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11-29-2012, 10:44 PM
Join Date: Apr 2010
This could have some impact.
The Associated Press
GLENDALE, ARIZ.—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 favour 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 favour 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.
One of the comments mentioned the current council is on it' sway out. Likely why there is a deadline.
I don't know how much this saves the new Owner and the LEague as a whole, but anything towards Phoenix's bottom line impacts the NHL.
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