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Prospective owners of Coyotes execute arena lease agreement

The Canadian Press

7/8/2013 11:58:07 PM

GLENDALE, Ariz. -- The prospective owners of the Phoenix Coyotes have signed their lease agreement for Jobing.com Arena.

Daryl Jones, partner with Renaissance Sports & Entertainment, tweeted on Monday that the lease agreement with the City of Glendale has been executed.

The Glendale City Council approved a 15-year, $225 million arena lease deal with RSE during a special session last week.

RSE still has to complete its purchase of the team and get approval from the NHL's Board of Governors, but those are expected to be formalities.

The Coyotes have been run by the league the past four years after former owner Jerry Moyes took the team into bankruptcy in 2009.