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, May 19 2013 1:01 AM EDT2013-05-19 05:01:02 GMT
Crash victim Juan Rodriguez with his fiance Amanda Lujan.
You hear a lot about deadly accidents involving motorcycles A Valley couple wants to share their story in hopes drivers will pay more attention to bikers on the road. "The fourth of July, Juan proposed,More >
You hear a lot about deadly accidents involving motorcycles. A Valley couple wants to share their story in hopes drivers will pay more attention to bikers on the road.More >
Sunday, May 19 2013 10:54 AM EDT2013-05-19 14:54:18 GMT
Scottsdale police say a body found in a canal has been identified as a man who was reported missing after he failed to return from a bicycle ride earlier this week. A police officer discovered the bodyMore >
A police officer discovered the body of 78-year-old Edward Allan Brawley on Saturday morning near Hayden Road and Indian Bend.More >
Friday, May 17 2013 7:16 PM EDT2013-05-17 23:16:53 GMT
One person has died in a crash near Harrisonville, MO, Thursday evening. The crash happened on Missouri Highway 7 and Walker Road. It involved a car and a tractor-trailer. Harrisonville is in Cass County.More >
Savannah Nash celebrated her 16th birthday last week. She died Thursday when her car slammed into a semi while she was texting during her first time driving by herself.More >
Tuesday, May 14 2013 8:25 PM EDT2013-05-15 00:25:14 GMT
Amy's Baking Company was featured on Kitchen Nightmares season finale, and let's just say things didn't go well. For the first time in the show's history it's host, Gordon Ramsay walked away. The showMore >
Scottsdale restaurant owners made a big splash on national television for being impossible to work with, and now it appears they've taken their bad attitudes to the internet. Or have they?More >
Sunday, May 19 2013 8:32 PM EDT2013-05-20 00:32:22 GMT
Fallen first responders
A 23-year-old firefighter is in surgery at St. Joseph's Hospital in Phoenix. Officials told CBS 5 he is in extremely critical condition after being crushed between two fire vehicles. The firefighter wasMore >
Phoenix police officer Daryl Raetz, 29, and Phoenix firefighter Bradley Harper, 23, died within six hours of each other from injuries suffered in two separate incidents.More >
Saturday, May 18 2013 11:06 PM EDT2013-05-19 03:06:03 GMT
The mayor of Phoenix is calling Groceries for Guns the largest buyback program in state history. In fact, Greg Stanton said nearly 2,000 guns are now off the street and unable to fall into the hands ofMore >
The mayor of Phoenix is calling Groceries for Guns the largest buyback program in state history. In fact, Greg Stanton said nearly 2,000 guns are now off the street and unable to fall into the hands of criminals.More >
Wednesday, May 15 2013 2:57 PM EDT2013-05-15 18:57:11 GMT
The old saying goes, "If you can't take the heat, stay out of the kitchen." Perhaps, this applies to Kitchen Nightmares, as well. An Arizona bakery was featured on Friday's episode of the Gordon RamseyMore >
The old saying goes, "If you can't take the heat, stay out of the kitchen." Perhaps, this applies to Kitchen Nightmares, as well.More >