Coyotes closer to learning ownership fate - CBS 5 - KPHO

Coyotes closer to learning ownership fate

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A lease agreement between a prospective owner of the Phoenix Coyotes and the City of Glendale is still in doubt with a vote less than a week away.

The NHL, which has operated the Coyotes for four years, has agreed to sell the franchise to Renaissance Sports & Entertainment, but the deal is contingent upon completing a lease agreement with the city for Jobing.com Arena.

In a release posted on its website on Thursday, the city raised numerous concerns about the proposed 15-year, $225 million lease deal with RSE, including a $15 million management fee to run the arena, a five-year out clause that would allow RSE to move the team without penalty and a tight timeframe to ratify the deal.

A vote on the deal is expected Tuesday.

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