The Arizona Coyotes and the city of Glendale have reached an agreement to keep the troubled franchise in town for at least two more seasons.
In June, the city council voted 5-2 to dissolve the 15-year arena lease agreed upon two years ago. The team then won an injunction in court to prevent the city from voiding the lease.
According to the statement released by the Coyotes and the city on Thursday, the council will vote on proposed amendments to the lease at a meeting on Friday.
Among the motions being considered is one to rescind the action the council took in June to cancel the lease.
Under the prior agreement Glendale accrued some revenues from ticket sales, parking and arena naming rights. The proposed amendment will allow the Coyotes to keep all hockey-related revenues.
Glendale would pay the Coyotes $6.5 million a year to manage the arena, down from $15 million. The team would continue to pay the city $500,000 per year in rent.
While the previous agreement contained provisions to allow the city to legally opt out of the lease, no such clause is present in the proposed amendments. Instead, the termination date will be June 30, 2017, guaranteeing the team will play in Glendale for the next two seasons.
Upon the amendments being agreed to, the team would agree to file to dismiss its lawsuit against the city.
The Coyotes' future in Arizona has been in limbo for years and they were in danger of relocating if they could not reach an agreement with the city. IceArizona AcquisitionCo., LLC purchased the team from the league in July 2013.
