The rumors are true, the Arizona Coyotes are now finalizing a deal to sell 51% of the franchise to Andrew Barroway. Last week, the news of an interested buyer was announced, and confirmed Thursday night by NHL commissioner Gary Bettman before the Coyotes’ game against the Jets. Bettman made it very clear that the reports of the new owner wanting to move the team were just talk, and held no truth to them.
The hope for this new transaction is that the new owner can help with the prospect of the Coyotes staying in Glendale, Arizona. Bringing in more money to the team could mean many a lot, and would be a very positive and welcome thing. It could do wonders for the future of the Coyotes, who supposedly lost $24 million after the first year of IceArizona’s ownership. The deal made with Glendale stated that if they lost $50 million in the first 5 years, the team could then be moved.
During a press conference Barroway said:
“This is truly a dream come true for me and my family. 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.”
Andrew Barroway is a hedge fund manager with Merion Investment Management LP. Barroway was in a lawsuit worth $10 million with the New York Islanders, after he attempted to buy the team, and things got messy. The lawsuit was dropped due to the new transaction.
Coyotes president Anthony LeBlanc expressed his excitement to the media:
“Today is an exciting day for the Arizona Coyotes and our great fans. 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!”
The transaction still needs to be approved by the NHL Board of Governors, and once it is approved the team’s current owners IceArizona will no longer be the majority owner. Current CEO and co-owner of the team, LeBlanc will stay on as president, and Barroway will take the roles of Governor and Chairman from George Gosbee.