The Phoenix Coyotes announced on Friday that head coach Dave Tippett has agreed to a long-term contract extension with the team. Terms of the contract were not disclosed, but reports have indicated that the extension is for five additional years.
Prior to Friday's press release, it was widely reported that Tippett was unwilling to agree to an extension due to the uncertain future of the team in Glendale. Tippett will apparently remain with the franchise, though, regardless of the potential relocation looming over the Coyotes.
The Renaissance Sports and Entertainment group is attempting to finalize a lease agreement with the City of Glendale to manage Jobing.com Arena. If the two sides don't reach an agreement in the coming days though, it is believed the team will relocate to Seattle.
The two sides are negotiating on the Renaissance Sports group's desire to receive $15 million annually from Glendale to operate the arena, according to reports. Glendale has reportedly budgeted an allotment of just $6.5 million, however, leaving a lot of ground to be made up between the two figures.
The two sides have reportedly worked out a plan for increased revenue streams to help the city meet the $15 million total, though, as the city would receive a cut of parking, arena naming rights, a portion of ticket surcharges and an escrow account.
Bickley's source believes the additional revenue streams could generate an additional $7-8 million annually, but the snag in the agreement is that Renaissance Sports is presently unwilling to guarantee that figure.