Tonight at 7pm (pacific), Glendale City Council will consider extending the current NHL and Arena Management Agreement for another year. That means the Council is voting on whether Glendale will cover the NHL's losses up to $25 million for another year. If they do, the Coyotes stay for another season - at least.
The Council issued a press released in the form of a Q & A. It starts with the following:
On Tuesday, May 10, the Glendale City Council will consider for approval authorization to extend the current National Hockey League (NHL) and Arena Management Agreement for another year. The agreement allows for the team to remain in place for the NHL 2011-12 season; allowing the NHL and staff additional time to complete the required agreement with an ownership group that will be committed to retaining the team in Glendale.
On why the city of Glendale needs to pay the NHL $25 million: "It is an arena management fee that requires the NHL to manage the Arena while assuring the team stays in Glendale as the primary tenant."
Glendale also notes that the $25 million will assure that the Coyotes stay put:
The NHL has said it is committed to keeping the Coyotes in Glendale. Extending its Arena Management Agreement with the city for another year continues that commitment and allows the NHL to establish the team’s schedule for the 2011-2012 season.
So bottom line is that the Coyotes are in Phoenix for at least another year once the Council votes to cover the NHL's losses up to $25 million.
Here's the entire press release (you can click here to read it or click on the image):