06/08/2012 08:23 EDT | Updated 08/08/2012 05:12 EDT

Coyotes clear major ownership hurdle with approval of lease agreement for Arena

GLENDALE, Ariz. - Glendale's City Council has approved a 20-year lease agreement for Arena, clearing the last major hurdle in the sale of the Phoenix Coyotes to a group led by former San Jose Sharks CEO Greg Jamison.

The 20-year, $325 million lease agreement was ratified by a 4-2 vote on Friday after a meeting of more than six hours that was attended by Jamison and NHL Commissioner Gary Bettman.

The Coyotes have reached the playoffs each of the past three years without an owner, including their first trip to the Western Conference finals this season.

The vote took place after a district court judge denied a request for a temporary restraining order filed by conservative watchdog group Goldwater Institute on Friday morning.