Coyotes gain stability with Glendale lease approval - WTVM.com-Columbus, GA News Weather & Sports

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Coyotes gain stability with Glendale lease approval

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GLENDALE, AZ (CBS5/AP) -

Professional hockey remains in the Valley of the Sun.

The Glendale City Council gave the OK on Tuesday to an arena management agreement with a prospective owner that will keep the NHL's Coyotes franchise in Glendale and at the city-owned Jobing.com Arena.

The Coyotes, however, will now be known as the Arizona Coyotes.

The City Council voted 4-3 in favor of a 15-year, $225 million lease agreement with Renaissance Sports and Entertainment and clears the way for the group to purchase the Coyotes from the NHL, which has run the team for the past four years.

The deal does not include the "out clause" in five years that Glendale leaders sought.

The decision had been in doubt as RSE and the city went through tense negotiations during the past few weeks.

RSE may have swung the vote in its favor earlier in the day when it announced a partnership with Global Spectrum, which owns the Philadelphia Flyers, to help manage Jobing.com Arena.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved. The Associated Press contributed to this report.

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