The City of Glendale and the Arizona Coyotes have agreed on a resolution to their arena lease dispute.
City council will vote on proposed amendments to the lease agreement Friday, the Coyotes announced in a statement.
The city voted to terminate the team's lease agreement at Gila River Arena in Glendale last month. The Coyotes responded two days later by filing a temporary restraining order to keep the lease intact.
"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," Coyotes co-owner, president, and CEO Anthony LeBlanc said in a statement Thursday.
"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."
"This revised agreement represents a positive outcome for both the city and the Coyotes," Glendale acting city manager Dick Bowers said.
"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."
The details of the resolution won't be formally announced until after Friday's vote, but TSN's Frank Seravalli reports the new arena lease will extend for the next two seasons and will not have an out clause.
The previous lease agreement, signed in 2013, was a 15-year, $225-million deal with an out clause after five seasons.
Former Glendale city attorney and IceArizona employee Craig Tindall will have no further connection to the Coyotes, according to the report.
As Seravalli points out, the new lease would expire in 2017, just in time for the league's expected expansion.
