Barroway to become majority owner of Coyotes

Glendale, AZ (SportsNetwork.com) – Investment firm manager Andrew Barroway has agreed to purchase a majority stake in the Arizona Coyotes.

IceArizona will sell 51 percent of the franchise to Barroway, the managing partner of Merion Investment Management LP.

“This is truly a dream come true for me and my family,” said Barroway in a statement late Friday. “I am extraordinarily grateful for the opportunity of a lifetime and look forward to working and solidifying a strong partnership with the club’s current ownership group.

“As a group we are committed to serving our fans with a new level of excellence and our collective goal is to put a competitive team on the ice every season and, one day, win the Stanley Cup.”

The deal, according to TSN of Canada, is for $155 million, and must still be approved by the NHL’s Board of Governors.

IceArizona purchased the franchise from the NHL in August 2013. The league had rescued the club from bankruptcy in 2009.

“Today is an exciting day for the Arizona Coyotes and our great fans,” said Coyotes co-owner, president and CEO Anthony LeBlanc. “The addition of Andrew Barroway to our ownership group further solidifies the Coyotes’ long-term future in the Valley. Our entire ownership group is excited about this opportunity to work with Andrew in taking this franchise to the next level. It’s a great day for hockey in Arizona!”

Barroway, once approved, would become the Coyotes’ chairman and governor.

Categorized in: NHL