No details on length of the deal were stated when they renewed the deal over summer I believe... apart from it being 'multi-year'. Royals president Drew Bell used the phrase 'nest several seasons' when speaking about the Royals as part of the Flyers development pathway... so that means it must be more than two if using the word correctly!
I know in regards to player agreements the Flyers and Phantoms can assign players to Reading at will, and the Phantoms can call up players from Reading who have ECHL contracts.