The multimillion dollar deal was approved Tuesday evening by a 4-3 vote, and will pay the team to remain in Glendale's Jobing.com Arena, The Arizona Republic reported Wednesday.
NHL executives must give formal approval to the IceArizona investment group to purchase the team and complete the deal, the newspaper noted.
The council's decision was a critical one, as NHL Commissioner Gary Bettman said in the weeks prior to the vote the Coyotes would play elsewhere in the upcoming season if the deal was rejected.
Glendale will pay IceArizona $15 million annually to manage the team and the arena, with IceArizona reimbursing the city millions per year based on ticket surcharges, parking fees and a split of the building's naming rights, the newspaper said.
Celebrity Families of 2014 [PHOTOS]