Glendale City Council ratifies amended arena lease agreement with Arizona Coyotes
{{#rendered}} {{/rendered}}FILE - In this Wednesday, June 10, 2015, file photo, Arizona Coyotes fans Chris Webb, second from right, and Andrew Hill show their support for their team as the Glendale Council votes whether to back out of an arena lease agreement with the NHL team during a special council meeting in Glendale, Ariz. The Arizona Coyotes and the city of Glendale have agreed to amend an existing lease agreement, which could end an ongoing legal battle between the two sides that raised questions about the team's long-term future in Glendale. The City Council will vote on the amendments to the 15-year, $225 million lease for Gila River Arena during a meeting on Friday, July 24. (David Kadlubowski/The Arizona Republic via AP, File) MARICOPA COUNTY OUT; MAGS OUT; NO SALES; MANDATORY CREDIT (The Associated Press)
The Glendale City Council has voted unanimously in favor of a restructured arena lease agreement with the Arizona Coyotes, keeping the team in the desert for at least two more years.
The seven-member council voted on Friday to approve the deal that replaces a 15-year, $225 million arena management lease signed with IceArizona in 2013.
The new deal cuts Glendale's annual arena management fee to the Coyotes from $15 million to $6.5 million and turns all hockey-related profits over to the team.
{{#rendered}} {{/rendered}}The council voted June 10 to terminate the original arena lease agreement, citing a conflict-of-interest law, and faced a protracted legal battle after the Coyotes threatened to sue.
Coyotes co-owner Anthony LeBlanc said the team will work toward securing a long-term deal to remain in Glendale.