Published May 03, 2016
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.
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.