The NHL is praising the lease agreement between Chicago investor Matthew Hulsizer and the city of Glendale, saying it will "finally lead to the transition of ownership of the Phoenix Coyotes."

The city announced Friday that it had reached an agreement in principle with Hulsizer on a new lease for the team to play in the Arena.

NHL deputy commissioner Bill Daly said in a statement Saturday that the league was "very pleased" that the two sides "appear to have reached an agreement."

Daly went on to say that the league always intended to find a buyer to keep the team in Glendale. He said the NHL looks forward to working closely with Hulsizer and moving quickly to complete the sale.