Report: IceArizona Selling Majority Of Arizona Coyotes
It wouldn’t be an NHL offseason without Arizona Coyotes ownership drama now would it? The New York Post has reported that the IceArizona group that recently purchased the Arizona Coyotes from the NHL, is in the process of selling 51 percent of the team’s interest to Andrew Barroway. Barroway has been in the NHL news spotlight as he was in line to buy the New York Islanders from Charles Wang before that deal ultimately fell through.
This evening the Arizona Coyotes released this statement:
"“In response to media reports today, the Arizona Coyotes can confirm that IceArizona has been in discussions with an unsolicited potential investor who is interested in joining the partnership. This should be viewed as an incredibly positive development and is due to the successful first year of IceArizona’s ownership. This is all about the long-term stability and viability of the franchise in Arizona. By no means are any members of the current IceArizona group departing the ownership. While there has been no confirmation of any transaction, this is something that the current ownership group is exploring.”"
The Coyotes will have no further comment at this time.
As of yet, there have been no comments from the NHL, IceArizona or Andrew Barroway, but according to The New York Post, the deal will be completed within the month. The Post has also reported that Barroway would be buying the 51 percent based on a valuation of the team at $305 million. A very big increase after IceArizona and Renaissance Sports Entertainment purchased the team for $170 million. IceArizona would retain the remaining 49 percent.
This could be good news for the team and fans. There has been no mention of moving the team out of Arizona. If the deal does go through, that would mean more money for the team. More money is never a bad thing, especially with the out clause in IceArizona’s deal to move the team if the total losses equal $50 million or more after 5 years.
We will pass along more details when they become available.