BUFFALO, N.Y. — The Arizona Coyotes have selected a site for their new arena but aren't ready to announce its location.

Speaking before the NHL draft on Friday, Coyotes President and CEO Anthony LeBlanc said the team has a deal in place, but attorneys are still working out the details.

LeBlanc said the arena will likely be financed with public and private funds, but the team will cover more than 50 per cent. The Coyotes have a one-year lease to play at Gila River Arena in Glendale next season, and the team is working with AEG, which operates the arena, to add a two-year extension before moving.

The Coyotes have looked at numerous sites for a new arena, including downtown Phoenix, near Arizona State's campus in Tempe and Scottsdale.