Coyotes, City of Glendale come to two-year agreement
The Arizona Coyotes will remain in the desert for at least two more years after the Glendale City Council voted unanimously in favor of a restructured arena lease agreement on Friday.
The seven-member council agreed to the pact for Gila River Arena that replaces the 15-year, $225 million lease signed with IceArizona in 2013.
"I'm relieved," Coyotes president Anthony LeBlanc told the team's website. "It's good to get this behind us and focus on what's important to us, which is the hockey team."
The new deal cuts Glendale's annual arena fee to the Coyotes from $15 million to $6.5 million, and relinquishes all hockey-related profits to the club.
The council had initially voted on June 10 to terminate the original arena lease agreement, noting a conflict-of-interest law. In turn, the Coyotes threatened to sue.
(h/t: Arizona Coyotes)