The Arizona Coyotes and the City of Glendale announced on Thursday that the two parties have agreed on a resolution to their ongoing legal dispute. The Glendale City Council will vote on the amendments to the agreement on Friday, July 24 at Glendale City Hall.
The agreement, set to expire in 2017, will allow the team to move. Until then, Glendale will pay the Coyotes $6.5 million to manage the arena in each of the next two years. In the past, Glendale was paying the Coyotes $15 million annually.
The Coyotes will now keep roughly $6 million in shared ticket, parking and naming-rights revenue
“This revised agreement represents a positive outcome for both the city and the Coyotes,” said Glendale Acting City Manager, Dick Bowers. “It also allows us to move forward in a way that keeps an important economic driver in our community. That’s important for business and it’s important to our citizens.”
“We have come up with a resolution that works for both sides and is best for the team, our fans, the city and most importantly the taxpayers,” said Coyotes Co-Owner, President and CEO Anthony LeBlanc. “Neither side benefits from a long, drawn out legal battle. What’s important is putting this dispute behind us and focusing on growing the Coyotes business and in turn, further growing revenues for the entire Westgate Entertainment District. This decision will bring much-needed certainty to our fans and sponsors about our near-term future and an end to the uncertainty brought about through this legal action. We know that hockey works in the Valley and we are committed to Arizona for the long-term. We thank Coyotes fans and sponsors for their incredible support throughout this process. They have proven that they are among the most loyal and ardent in the NHL.”
Representatives of the City of Glendale and the Arizona Coyotes will reserve comments until after the Friday council meeting.