Glendale officials approved a proposed $320 million deal to keep the Phoenix Coyotes at Jobing.com Arena on Tuesday night.
The new deal was passed by a 4-2 vote.
The renegotiated deal would help Glendale lower payments in the early years of the 20-year deal and would save the city $4 million.
Potential owner Greg Jamison and his group of investors can now take the next step in attempting to complete the purchase of the Coyotes. He has expressed an interest in moving quickly to close the deal with the league.
According to the lease agreement, Jamison has until Jan. 31 to complete the sale of the team. During the meeting, he said he was hoping to complete it within the next 30 to 60 days.
The NHL has owned the franchise since 2009.