Arizona Coyotes Reach Deal With Andrew Barroway
IceArizona announced Friday that they have agreed to sell controlling interest of the Arizona Coyotes to Andrew Barroway.
More from Arizona Coyotes
- Arizona Coyotes: Slumping Strome Shipped to Chicago
- Arizona Coyotes: How Coach Rick Tocchet Sparked His Offense
- Arizona Coyotes: 3 Keys to Win Over Blue Jackets
- Arizona Coyotes: 3 Takeaways From Saturday’s Loss in Winnipeg
- Arizona Coyotes: Dvorak Out Indefinitely After Surgery
Barroway will be gaining 51 percent of the controlling interest for $155 million. This is based off of a team valuation of $305 million, a substantial increase from the $170 million that IceArizona paid the NHL to buy the team from the league last year. The deal is pending approval from the NHL’s Board of Governors. Once the deal is finalized, Andrew Barroway will become Chairman and Governor, Anthony LeBlanc will remain as Chief Executive Officer, and George Gosbee will become Associate Governor.
The first question that will come to the minds of the fans has already been answered. This new deal is not a precursor to relocation. Anthony LeBlanc had this to say about today’s announcement,
“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.”
Gary Bettman held a press conference on Thursday at Gila River Arena and answered questions regarding the deal. He admitted there were talks between IceArizona and an unsolicited investor. Although he would not name the investor at the time, he did say that any deal made would be in the best interests of keeping the Coyotes in Arizona for the long-term.
This is all good news for the team and its fans. Barroway will be raising the team’s payroll with the infusion of money that will take place when the deal is official. This is especially good news after coming off of an offseason where the Coyotes were fairly quiet in terms of acquiring players due to a payroll on a budget. The franchise is on sturdy ground financially for the first time in its existence in Arizona.