The National Hockey League and it’s Board of Governors have approved the sale of the majority ownership of the Arizona Coyotes, to Andrew Barroway, who is a Philadelphia hedge-fund manager. He will now own 51% of the organization, which is valued at just over $300 million.
BREAKING: @NHL Approves Agreement for Andrew Barroway to Become Majority Owner of the #Coyotes MORE http://t.co/YJ2HJTt3C7
— Arizona Coyotes (@ArizonaCoyotes) December 31, 2014
Barroway: “This is truly a dream come true… I look forward to solidifying a strong partnership with the Club’s current ownership group.”
— Arizona Coyotes (@ArizonaCoyotes) December 31, 2014
LeBlanc: “The addition of Andrew Barroway to our ownership group further solidifies the #Coyotes‘ long-term future in the Valley.”
— Arizona Coyotes (@ArizonaCoyotes) December 31, 2014
Barroway has been no stranger around the thought of owning his own NHL franchise. Two seasons ago, he tried to buy the New Jersey Devils, and some believed he had an agreement to purchase the New York Islanders earlier this year, but former owner Charles Wang seemed to have a change of heart, and pulled out of the deal to move forward with current majority owner and businessman Jonathan Ledecky.
Coyotes and FoxSports Arizona Insider Craig Morgan (@cmorganfoxaz) said “Barroway’s arrival will not eliminate the current out-clause that allows the Coyotes to leave the Valley if their losses reach or exceed $50 million in five years, the IceArizona organization would also still owe part of the $85 million it received in a loan from the NHL.”
Earlier this morning, I got in touch with Mr. Morgan via Twitter, and asked him about the possibility of a new owner relocating the team to one of the few NHL “potential” destinations, and he replied:
@LastWordAllred Nothing’s certain. I think they stay. Too much $ available thru expansion elsewhere, too much Bettman effort invested here.
— Craig Morgan (@cmorganfoxaz) December 31, 2014
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