Coyotes fans everywhere can finally rejoice as the fate of the team has become a little more clear. That’s right, the City of Glendale and the Arizona Coyotes have reached an agreement regarding their legal battle.
Per Fox Sports Arizona’s Craig Morgan, the terms of the deal should keep the team in Glendale for at least the next two seasons.
Craig Morgan highlights the terms here saying:
“Per terms of the deal, the Coyotes will collect all hockey-related revenue streams that previously went to the City of Glendale, including a portion of naming rights, ticket surcharges and parking revenue, while the city will pay $6.5 million a year to the Coyotes to manage the arena. The out-clause that was part of the original 15-year, $225 million agreement has been removed.”
“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 in a statement released by the Coyotes. “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.”
The City of Glendale nor the Coyotes will be commenting further until after the special voting meeting tomorrow.