The NHL approved the sale of the Phoenix Coyotes, which keeps the team in town. (Christian Petersen/Getty Images)
The NHL announced Monday that the Phoenix Coyotes will stay in Arizona for now after the franchise was sold to IceArizona/Renaissance Sports and Entertainment group. The purchase was approved by the league's board of governors.
The group also negotiated a new arena lease for Jobing.com Arena in the city of Glendale which was required for the group to buy the team.
The purchase ends a four year saga in which the team came close to moving out of town, as there were several cities interested in getting the team.
"The National Hockey League believes in Arizona as an NHL market and that these new owners can provide the Coyotes the opportunity to secure a stable, long-term future in Glendale," Commissioner Gary Bettman said. "We thank Mike Nealy, Don Maloney, Dave Tippett, team captain Shane Doan and all the players and staff for consistently going 'above and beyond' on behalf of the franchise during this long and complex process. We thank the Coyotes' devoted fans for their patient, perseverant support. We are extremely pleased that a positive resolution has been achieved for the fans, the city, the Coyotes and the League."