GLENDALE, AZ — The city of Glendale unanimously approved a new $33 million lease agreement with ASM Global for the former hockey arena now called Desert Diamond Arena, with an option to purchase the facility.
Glendale City Council gave the green light on Tuesday for the new long-term lease agreement and $40 million renovation plan with California-based ASM Global, a company that was formed through a merger of AEG Facilities and SMG and is one of the largest venue management companies globally.
The new agreement replaces the previous agreement with Glendale and ASM that was in place for about six and half years and comes nearly a year after the Arizona Coyotes hockey team played their last game at the venue.
Through the new agreement, ASM will enter into a ground lease with the city for a minimum of 20 years with the option for multiple 10-year renewals. Glendale City Manager Kevin Phelps said the city has been negotiating the contract for just under a year and that leasing to ASM will allow Glendale to stay involved with the venue.
