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.
Two adventurous kayakers in Argentina experienced the thrill of a lifetime following an encounter with a pod of massive whales. The video was taken somewhere off the coast of Puerto Madryn, Argentina.More >
Two adventurous kayakers in Argentina experienced the thrill of a lifetime following an encounter with a pod of massive whales.More >
BRADENTON BEACH, FL (WFLX) - People are outraged after a Florida couple was caught having sex on a public beach Sunday afternoon in front of dozens of people including children. Bradenton Beach policeMore >
People are outraged after a Florida couple was caught having sex on a public beach Sunday afternoon in front of dozens of people including children.More >
Thursday, July 24 2014 8:05 PM EDT2014-07-25 00:05:21 GMT
The Eastville volunteer fire department confirms a tornado touched down at a campground on the Chesapeake Bay on Thursday morning, killing three people. The volunteer fire department confirms three peopleMore >
A New Jersey couple was identified as the victims of a tornado that hit the Cherrystone Family Camping & RV Resort in Northampton. More >
Tuesday, July 22 2014 7:14 PM EDT2014-07-22 23:14:19 GMT
It's not often that a spreadsheet goes viral on the Internet, but that's exactly what happened after one man starting keeping data on his... relations... with his wife. The spreadsheet was posted on RedditMore >
It's not often that a spreadsheet goes viral on the Internet, but that's exactly what happened after one man starting keeping data on his... relations... with his wife.More >
Thursday, July 24 2014 2:35 AM EDT2014-07-24 06:35:51 GMT
The U.S. Supreme Court cleared the way for Arizona to carry out its third execution in the past year Wednesday following a closely watched First Amendment fight over the secrecy surrounding lethal injection drugs.More >
A condemned Arizona inmate gasped for more than an hour and a half during his execution Wednesday before he died in an episode sure to add to the scrutiny surrounding the death penalty in the U.S.More >
A Malaysia Airlines passenger plane carrying 295 people was shot down over eastern Ukraine. Both the government and pro-Russia separatists fighting in the region denied any responsibility.More >
A Malaysia Airlines passenger plane carrying 295 people was shot down over eastern Ukraine on Thursday, and both the government and the pro-Russia separatists fighting in the region denied any responsibility for downing the aircraft.More >