DENVER — Kroenke Sports and Entertainment and the city and county of Denver announced Thursday a tentative agreement that will keep the Nuggets and Avalanche through 2040 in town.

The City Attorney’s Office will present a proposal to the City Council for approval. The NBA and the NHL also need to approve the agreement.

“We’re excited about a relationship with KSE, our winning teams and the leagues,” Mayor Michael Hancock said in a statement.

“With both the Avalanche and the Nuggets tearing it up in the playoffs, we’re galvanizing the support of our fans and our city for the groups we love. ”

The present Pepsi Center agreement with the town was set to expire in 2023.

“The Kroenke family has established deep roots in Denver,” City Attorney Kristin Bronson said. “They’ve been here for decades and I’m pleased to know they need to be here for decades to come. ”

“This moment is nearly five years in the making and we’re proud not only of our groups ’ longstanding and storied histories in Denver, but also with all the unbelievable relationship we have with this town, its leadership and its fans,“ said Jim Martin, president and CEO for Kroenke Sports and Entertainment.

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