GLENDALE, AZ - Negotiations are expected to continue through the weekend with the city of Glendale and Renaissance Sports and Entertainment, a group that wants to buy the Phoenix Coyotes and manage the city-owned Jobing.com Arena.
City spokeswoman Julie Watters says they might share details early next week and the council could vote on a deal on July 2.
The National Hockey League, which owns the Coyote, wants a decision by July 3. If Glendale can't reach an arena management deal with Renaissance the NHL could move the Coyotes to another market.
Watters tells ABC15 the city council is doing its due diligence.
"They are dealing with something that is critical, with long-lasting effects to the community, and really putting a lot of thought into it and trying to find out what's in the best interest of the city and our citizens," Watters said.
Glendale has budgeted $6 million a year as a management fee for Jobing.com Arena, but Renaissance is reportedly asking for more.
In recent years, the city has faced budget deficits and in order to avoid more cuts and continue to cover arena costs, the council voted on a temporary sales tax hike.
An economic study commissioned by Glendale put the annual economic impact of the arena at 750 jobs across the Valley and $20 million in wages.