Glendale City Council approves arena lease agreement, Coyotes likely to stay

The Glendale City Council approved an arena lease agreement with prospective owners of the Phoenix Coyotes during a vote on Tuesday night.

The council approved the proposed 15-year, $225 million deal for Jobing.com Arena by a 4-3 vote. The Coyotes can now proceed with the sale of the team to investors Renaissance Sports & Entertainment.

Earlier in the day, industry leader Global Spectrum, a subsidiary of Comcast-Spectacor, partnered with the Renaissance group to manage Jobing.com Arena.

If the council voted against the lease, the Coyotes would likely have been relocated.

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