Coyotes closer to learning ownership fate - WNEM TV 5

Coyotes closer to learning ownership fate

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Phoenix Coyotes (Source: CBS 5 News) Phoenix Coyotes (Source: CBS 5 News)
GLENDALE, AZ (CBS5/AP) -

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

The Glendale City Council has called for a special meeting Friday at 1:30 p.m. to discuss the proposed management agreement from Renaissance Sports & Entertainment Group.

A vote on the deal could possibly come on Tuesday.

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 time frame to ratify the deal.

Copyright 2013 Associated Press. All rights reserved.  CBS 5 (KPHO Broadcasting Corporation) contributed to this report.

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