A little less than three months after IceArizona announced that it would sell a 51% stake in the team to hedge-fund manager Andrew Barroway, the deal is on the verge of being finalized, per Casey Gagnon of Arizona Sports Hub.
The sale still requires the NHL Board of Governors’ approval, but barring any “last minute snags,” the deal should close this week. That’s a stark change from a few week ago when it looked like the sale was in serious jeopardy. At the time Barroway was reportedly close to backing out.
A source that previously told Gagnon the deal was in trouble wouldn’t go into specifics, but whatever the issues were, they have been resolved. It’s worth noting that there was a belief that Barroway was looking to flip the Coyotes, possibly to someone who wanted to move the franchise to Las Vegas. However, if the NHL is ends up putting an expansion franchise in Las Vegas instead, then that path would be closed to Barroway.
The Coyotes denied both the Vegas speculation and the premise that the Barroway deal was in trouble.
Based on information from October, Barroway might be purchasing his share of the team based on an equity valuation for the club of $305 million. That would be a substantial jump from the $170 million valuation the team had when IceArizona officially bought the team in August 2013.