The NHL’s board of governors has approved the purchase of a majority stake in the Arizona Coyotes by hedge-fund-manager Andrew Barroway, the league announced this evening.
The deal, which was reportedly in jeopardy a short time ago, will give Barroway a 51 percent stake in the franchise.
“This is truly a dream come true for me and my family,” said Barroway in a statement. “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.”
Club president and CEO Anthony LeBlanc added, “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!”
What this all means for the team’s payroll remains to be seen. GM Don Maloney conceded last week that the uncertainty surrounding the ownership situation has been a challenge.
Case in point, Coyotes forward Antoine Vermette, a pending unrestricted free agent, is a player that many expect to be traded by the March 2 deadline. However, Maloney is still holding out hope of re-signing the 32-year-old veteran.
“Since day one we’ve been waiting on our ownership to be restructured,” Maloney said, “and we’ll continue to wait on that, and once it gets restructured we’ll see whether there’s an opportunity to re-sign him or not.”