Glendale Poised To Nix Arena Lease Deal With Coyotes Ownership

The Glendale City Council tonight will hold a special meeting to “cancel the professional management services and arena lease agreement between the City of Glendale and IceArizona,” which purchased the Coyotes in '13 and now owns 49% percent of the team. The city entered into a 15-year agreement with the holding company in '13, in which it pays $15M a year in exchange for a share of arena revenue, and also kept the Coyotes in that arena for at least five years.

Following the announcement, the Coyotes issued a statement noting that if the City Council “initiates any action to revoke, repeal or otherwise rescind the agreement, the Coyotes will immediately take all actions available to them under the law against the City of Glendale.”