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Glendale votes in favour of deal that will pay potential Coyotes buyer $300 million

From left, NHL Commissioner Gary Bettman, former San Jose Sharks CEO Greg Jamison and NHL Deputy Commissioner Bill Daly attend a Glendale City Council meeting Friday, June 8, 2012, in Glendale, Ariz.

Michael Schennum/AP

The Glendale city council voted Friday in favour of an arena management deal that could keep the NHL Coyotes in Phoenix. The 4-2 vote approved a tax payer-funded, arena management contract that would enable buyer Greg Jamison to purchase the Coyotes. The arrangement will see the city pay out roughly $300 million U.S. over 20 years for Jamison to manage the city-owned Jobing.com arena.

Earlier Friday, the Goldwater Institute had attempted to secure a temporary restraining order to delay the council's vote. That order was turned down allowing council to proceed.

At one point, Mayor Elaine Scruggs and council member Phil Lieberman made a motion to delay voting on the arena deal for two weeks because Jamison had said he needed that time to secure his financing. The NHL is looking to sell the Coyotes for $170 million US.

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NHL commissioner Gary Bettman and Jamison, the former CEO of the San Jose Sharks, attended the council meeting.

Forbes reported Thursday that Jamison was having trouble raising enough money to close the deal and that the NHL may have to drop its asking price to $134 million US.

If he acquires the team, Jamison will be contractually bound to attempt to change the team's name to the Arizona Coyotes.

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