It appears the Phoenix Coyotes will remain in the Valley for the long haul.
The Glendale City Council voted to accept a reworked deal - a proposed $320 million arena-management agreement - with Coyotes suitor Greg Jamison on Tuesday night.
The process has been going on four years now.
In May 2009, then-owner Jerry Moyes filed for bankruptcy.
The Coyotes were reportedly losing $30 million a year at that point, but his plan to sell the team to a group wanting to move the Coyotes to Canada was blocked by the courts and the NHL.
Instead, the NHL purchased the team in November with the intent to resell it to an investment group that would keep the Coyotes in town.
That did not happen quickly and in May of 2010, a year after the team went bankrupt, the city of Glendale agreed to pay the NHL $25 million to manage the team and the arena.
One month later, two possible buyers pulled out of negotiations, including one led by Chicago sports mogul Jerry Reinsdorf.
The team started winning and in the fall of 2010, Chicago businessman Mathew Hulsizer offered to buy the Coyotes.
That's when the Goldwater Institute threatened to sue, saying the deal put too much of the financial burden on the taxpayers. Hulsizer backed out in June 2011.
Around the same time, a new buyer, the former CEO of the San Jose Sharks, Greg Jamison, stepped forward.
He promised to keep the team in town, but the deal reached last June involves a $324 million taxpayer-funded agreement.
Jamison was ready to move forward but three months ago, the city of Glendale announced it wanted to rework the deal.
Jamison has been negotiating with interim City Manager Horatio Skeete ever since. The City Council on Tuesday night approved that new deal by a 4-2 vote, with Mayor Elaine Scruggs and Councilwoman Norma Alvarez voting against the deal.
Still, Glendale needs to make about $20 million in cuts over the next five years because the city faces a deficit, Skeete said. The first round of cuts won't impact public safety, Rose Lane Pool or libraries, though the city says they will need to be restructured. Public safety cuts could come as early as 2015.
The city will cut $6 million immediately, $3.7 million of which will come by eliminating 67 city positions. The rest will come from reducing operational costs, such as recreation programs
Jamison said he will work with the NHL to secure the team over the next 30 to 60 days.
Stay with cbs5az.com for updates on this developing story.
Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.
Sunday, March 9 2014 3:04 PM EDT2014-03-09 19:04:53 GMT
(Source: CBS 5 News)
An administrative law judge with the NTSB ruled Thursday that the FAA has no decision making authority over the operation of unmanned aerial systems (UAS, also known as UAVs or drones) temporarily clearingMore >
An administrative law judge with the NTSB ruled Thursday that the FAA has no decision making authority over the operation of unmanned aerial systems. More >
Sunday, March 9 2014 7:36 PM EDT2014-03-09 23:36:20 GMT
Car over the edge of I-17 in Phoenix
Arizona Department of Public Safety officers investigated a bizarre crash Sunday on Interstate 17. A driver, whose name was not released, was exiting the freeway near Camelback Road when the SUV blewMore >
Arizona Department of Public Safety officers investigated a bizarre crash Sunday on Interstate 17.More >
Sunday, March 9 2014 7:59 PM EDT2014-03-09 23:59:38 GMT
Buckeye shooting leaves one dead
Buckeye police are looking for a suspect who shot a tow truck driver early Sunday afternoon and then fled. Officer Tamela Skaggs said the suspect was last seen heading west on MC85. She said the truckMore >
Witnesses said they heard somewhere between four to five gunshots and found a man lying on the side of the road in front of Don Lalo Auto Repair.More >
Sunday, March 9 2014 10:03 PM EDT2014-03-10 02:03:47 GMT
Fallen Phoenix Police Detective John Hobbs
Family, friends and the community will gather Monday to honor the Phoenix police detective who died in a gun battle with a fugitive. The Phoenix Police Department announced Wednesday that funeral servicesMore >
Family, friends and the community are gathering to honor and pay their final respects the Phoenix police detective who died in a gun battle with a fugitive.More >
Sunday, March 9 2014 10:04 AM EDT2014-03-09 14:04:05 GMT
Reported kidnapping in Phoenix
A woman was kidnapped at gunpoint Saturday evening, Phoenix police said. It happened near 67th Avenue and Coolidge. Officers said she was walking northbound on 67th Avenue when a car came up behind her. PoliceMore >
Police released a grainy video of what they said was a kidnapping on 67th Avenue near Coolidge. The video shows a woman being thrown into a white car Saturday afternoon. More >
A 45-year-old man is dead after a cab struck him in Scottsdale early Sunday morning, police said. The man had left a nearby restaurant before 1:30 a.m. and walked across Scottsdale Road, said ScottsdaleMore >
The man had left a nearby restaurant before 1:30 a.m. and walked across Scottsdale Road, said Scottsdale police Officer David Pubins.More >
Friday, February 28 2014 3:27 AM EST2014-02-28 08:27:54 GMT
On a rainy Monday afternoon, the buzz of air-powered tools rattled through the garage at CSC Lifts, Liners, and Accessories. The experienced hands of Darrell Carmena applied just the right pressure toMore >
A truck, the man of men, holds so many memories for a family. This fitting tribute is a chance to live on through the work, the sweat and the mud.More >