Sources: Progress in Coyotes talks

A group of investors interested in buying the Phoenix Coyotes from the NHL continue last-ditch efforts at hammering out a lease agreement with the City of Glendale aimed at keeping the team in Arizona.

Sources said some progress was made during a closed meeting Tuesday in Glendale, and it's possible that tweaks made to the lease deal on the table could lead to another executive session Friday.

If the city council doesn't pass a new lease agreement, one that would include a significant management-fee structure paid to the ownership group spanning the life of the lease, the deal will collapse and the team's time in the desert will end.

Speculation has been that if the council does not pass the lease agreement at its next public meeting on Tuesday, the deal will collapse. However, multiple sources have told ESPN.com that there is more wiggle room and that a vote a week later still would be acceptable to the league.

According to multiple reports, a group of investors is waiting in the wings to buy the team from the league and move it to Seattle for next season if the deal in Glendale collapses.