First step taken in Coyotes sale
GLENDALE, Ariz. -- The Glendale City Council has approved a preliminary budget that includes $17 million to be paid to the prospective buyer of the NHL's Phoenix Coyotes for operating costs for the city's Jobing.com Arena.
The 4-3 vote on Tuesday night was the first in a series of moves necessary before the council approves a new lease for the arena.
The council has two more preliminary budget hearings before taking a final budget vote. No date has been set for the council to consider the new lease, but it is expected to do so in the next few weeks.
The NHL has reached a tentative deal to sell the team to Greg Jamison, former CEO of the San Jose Sharks, contingent on a new lease agreement with Glendale.
Copyright 2012 by The Associated Press
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