City of Glendale signs arena management deal with Coyotes Staff

12/27/2012 10:20:04 PM

The sale of the Phoenix Coyotes is a step closer to being finalized.

The city of Glendale signed its arena management deal and lease with prospective team buyer Greg Jamison this week. The deal is for $300 million over 20 years, which pays Jamison to run the city-owned Arena.

City spokeswoman Julie Watters said Jamison must now finish his deal with the National Hockey League for the Glendale deal to be consummated. He has until the end of January to buy the Coyotes for the league's selling price of $170-million and ink the arena deal.

The city approved a previous deal in June but decided against signing it. It opted to forge a new arena pact with Jamison in November.

With files from the Phoenix Business Journal