The Phoenix Coyotes finally have an owner.
IceArizona completed its purchase of the franchise from the NHL on Monday and received approval from the league's Board of Governors, ending a four-year ownership saga in the desert.
The Phoenix Coyotes will hold a news conference on Tuesday at 12:30 p.m. in the media lounge at Jobing.com Arena where NHL Commissioner Gary Bettman will formally introduce the new owner.
Completion of the sale triggers a $225 million lease agreement for Jobing.com Arena reached last month by the city of Glendale and Renaissance Sports and Entertainment, managing partner of IceArizona,
RSE, headed by George Gosbee and Anthony LeBlanc, completed the deal after numerous suitors came forward and then pulled away since former owner Jerry Moyes took the franchise into bankruptcy in 2009.
RSE spokesmen said the company will partner with Global Spectrum, which runs the Philadelphia Flyers franchise - to help manage Jobing.com Arena.
The deal was a major point of concern for some city leaders because it does not include an "out clause" some were seeking for the city.
The Coyotes have been run by the NHL the past four years, making the playoffs three times.
The city of Glendale issued the following statement Monday:
"The city of Glendale is very pleased with the announcement from the National Hockey League (NHL) that IceArizona Acquisition Co., LLC has finalized its purchase of the team. The city is looking forward to working with IceArizona to continue the long-term presence and success of the Coyotes in Glendale.
"As we move forward, the city and team will focus on building momentum for this season by welcoming new and returning fans to Glendale's Sports and Entertainment District and supporting the many shops and restaurants that make up this important economic engine for the city.
"We want to thank the dedicated fans for their ongoing support of the team and the city of Glendale. As the anchor tenant for Jobing.com Arena, the Coyotes play more than 40 home games in our city that annually attract more than 500,000 fans and we are looking forward to many successful years ahead."
Copyright 2013 Associated Press. All rights reserved. CBS 5 (KPHO Broadcasting Corporation) contributed to this report.