The Phoenix Business Journal reports that the City of Glendale is moving forward with an ownership group led by former San Jose Sharks CEO Greg Jamison to work out an arena lease deal in an effort to keep the Phoenix Coyotes in town.
According to the Journal, Glendale City Council made Jamison's group the preferred bid on Tuesday after discussing three bidders that were interested in buying the team from the NHL. The City of Glendale owns Jobing.com Arena - the building where the Coyotes play.
An official familiar with the Coyotes deal also told the business publication that the lease will be structured to avoid legal and political challenges from the Goldwater Institute - the political watchdog group that opposed last year's city bond proposal that would have facilitated the sale of the team to Chicago businessman Matthew Hulsizer.
Sources also told The Phoenix Business Journal that the NHL is ready to finalize a deal with Jamison once an arena lease with Glendale is approved.
The NHL has run the team since buying them out of Chapter 11 bankruptcy in 2009.
Files from The Phoenix Business Journal were used for this report.