Displaying Taxonomy Term Field for Multiple Entries on a Taxonomy Term List View
You are going to have to adjust this to your own use case, but the approach I would use is a little different.

First, delete the relationship. 

Add (or configure) the term reference field (field_divisions?) in your query. Set it to no label, and exclude from display. Rewrite the output to [field_tags-tid] . This will give you a list of term id's.

Install and enable the Views PHP module.

EDIT:

The $row variable does not play well with multiple values, so we will switch to the $data variable.

In your view, add a Global:PHP field, and in the Output code box enter something like:

&lt;?php
  // Select your field object.
  $obj = $data-&gt;_field_data;
  // Then get your field array
  $divisions = $obj-&gt;field_divisions[LANGUAGE_NONE]
  foreach($divisions as $division) {
    if ( is_numeric( $division['tid'] ) ) {
      $term = taxonomy_term_load($division['tid']);
      $icons= $icons. "&lt;div class='term-icons'&gt;";

      if (isset($term-&gt;division_icon['und'][0]['uri'] )) {
        $icons= $icons. "&lt;div class='term_icon'&gt;&lt;img src='" . image_style_url( 'icon_style', $term-&gt;division_icon['und'][0]['uri']) . "' class='term-image' /&gt;&lt;/div&gt; ";
      }  
      $icons = $icons . "&lt;/div&gt;";
    }
  } 
  print $icons;
?&gt;


Make sure the PHP field follows the term reference field so the $row values are available to the PHP field. Then style your icons to display as you wish.