Coyotes, Glendale reach agreement
GLENDALE, Ariz. – The Arizona Coyotes and the city of Glendale agreed to amend an existing lease agreement on Thursday, though the deal may only be a temporary fix in the team’s ongoing saga to remain in the desert. The amended deal, which will be voted on by the Glendale City Council today, calls for the original 15-year, $225 million agreement to be cut to two years, expiring on June 30, 2017. It also would trim the management fee the city pays annually to the Coyotes from $15 million to $6.5 million and shift all hockey-related revenue to the team instead of Glendale, which would generate about $6 million for the Coyotes. A five-year out clause if the team lost more than $50 million that was part of the original agreement also has been removed.