The Glendale City Council voted 5-2 last night in favour of a new lease for the Phoenix Coyotes which will keep the team in town for the next 30 years. The lease also clears the way for Matthew Hulsizer to complete his purchase of the team.
The city approved a deal that will require $197 million in obligations from the city over the next six years. As part of the deal, Glendale will purchase arena parking rights for $100 million and must pay Hulsizer’s ownership group $97 million to help manage Jobing.com Arena.
Hulsizer was unanimously approved by the NHL’s Board of Governors last week and was awaiting the new lease before completing his purchase of the team. He expects to take over the team within “weeks, not months.”
NHL Commissioner Gary Bettman was in attendance at the meeting and promised the city an All-Star Game within three years, most likely in 2013.
See also: Who is Matthew Hulsizer?
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