A person familiar with the negotiations says a "framework" is in place for a lease agreement that would keep the NHL's Phoenix Coyotes in Arizona.
But while the person characterized the developments as positive, the Glendale City Council still must study the proposal and vote on it. The next council meeting is set for June 25.
The person spoke on condition of anonymity because the proposed agreement hasn't been made public.
Representatives of the team's prospective buyer, Renaissance Sports and Entertainment, have been talking with city officials about the lease, which is crucial for the sale of the team to go through and keep it playing at the city-owned Jobing.com Arena.
The NHL has been operating the franchise since buying it out of U.S. Bankruptcy Court in 2009.
Copyright 2013 CBS 5 (Meredith Corporation). All rights reserved.