Glendale arena lease agreement approved, paves the way to keeping the Coyotes in Ariz.

July 03, 2013

The Glendale City Council has voted 4-3 to approve an arena lease agreement with Renaissance Sports and Entertainment, the group that is purchasing the Phoenix Coyotes. The $225 million, 15-year deal, represents a big step in keeping the Coyotes in Arizona. The vote clears the way for RSE to buy the team from the NHL, which has been running it the last four years. Anthony LeBlanc is the prospective owner of the team, which may have clinched the needed votes earlier Tuesday, when it announced a partnership to operate the arena.

“Our team was further bolstered this week with the addition of Comcast Specticord's Global Spectrum to the partnership,” LeBlanc said. “We couldn't think of a better company to work with—group that owns an NHL franchise, they manage the University of Phoenix stadium. They were the missing piece we did not have. We now feel that we have the best team on the ice, and the best team off the ice.”

RSE needs to finalize the lease agreement with Glendale and buy the team by Aug. 5, but RSE has an out. It could relocate the team after 5 years, if it accrues $50 million in losses.