News regarding a new stadium being sought by the Arizona Coyotes has been floating around since last year. While the exact location of the new home hasn’t been revealed yet, we got some other important details by the team’s CEO!

During his speech before the NHL Draft past Friday, the President and co-owner of the Arizona Coyotes, Anthony Leblanc shared that the team has selected the new location they will eventually be moving to. However, the legal details are still being worked out. Leblanc was positive about getting matters settled in the coming several weeks.

He also announced that it will take three years for the team to move to the new location. This means that the Gila River Arena in Glendale is where the team will continue playing the rest of the seasons. The team has also had discussions with AEG (managers of the building) in order to extend their lease in the arena. The extension of the lease is said to be for two years. He also went on to say that the public and private funds are likely to finance the new arena. More than 50% of the costs will be privately covered by the team.

The Arizona Coyotes are said to have searched a lot of new locations in order to decide their new home. While the exact location is unknown there are sources who claim that LeBlanc has talked about a strong bond that has been formed between the team and the Arizona State University, and are likely to move to downtown Phoenix.