Report: Barroway completes buyout of minority owners in Arizona

AP
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Andrew Barroway is now the sole owner of the Arizona Coyotes following the completion of his buyout of the club’s minority owners, according to a report from Arizona Sports 98.7 that cited anonymous league sources.

Barroway’s plan to buyout his partners was initially reported during the Stanley Cup Final last week.

More from Arizona Sports:

The buyout means all the members of the IceArizona ownership group that purchased the team from the NHL in August 2013 will no longer be with the organization. That list includes co-owner and alternate governor George Gosbee, co-owner, alternate governor and president of hockey operations, Gary Drummond, president and CEO Anthony LeBlanc, co-owners David Duckett, Bill Dutton, Craig Stewart, Scott Saxberg, Robert Gwin and others.

Barroway had initially considered bringing in additional investors such as Tampa Bay Rays minority owner Randy Frankel, but this buyout was completed through a loan with MGG Investment Group, a specialty finance group focused on direct lending. League sources said Barroway was also able to remove the NHL’s portion of the loan through MGG.

It appears NHL deputy commissioner Bill Daly has released a comment on the matter:

The Coyotes are still pursuing options for a long-term home arena, following commissioner Gary Bettman’s comments in March, saying the franchise will not remain in Glendale.

The league approved the sale of the Coyotes to Barroway in 2014.

Related: Arizona lawmaker suggests Coyotes pledge more money for new arena