The NHL Board of Governors have officially approved the sale of the Arizona Coyotes to Andrew Barroway.
The deal gives Barroway 51 percent controlling interest of the team. Barroway was spotted at the Coyotes’ home game against the Flyers, which gave a little credibility to the rumor that the deal would be closing on Dec. 31.
It’s been a long road in Barroway’s quest to own an NHL team. Two years ago, Barroway tried and failed to buy the New Jersey Devils. More recently, he was in line to buy the New York Islanders, but the current owner, Charles Wang, changed his mind and sold the Islanders to someone else. Barroway took Wang to court, but dropped his lawsuit in order to pursue the purchase of the Coyotes.
In a statement released by the Coyotes, Barroway said, “This is truly a dream come true for me and my family. 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.”
Coyotes Co-Owner, President and CEO Anthony LeBlanc released a statement as well.
“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!”
This is good news for the Coyotes and their fan base. The deal adds financial stability to the organization, which is something that was desperately needed.
It has also been confirmed that some of the new money will be used to raise payroll. Unfortunately, it does not eliminate the five-year out clause that can be exercised if the team loses $50 million by the fifth year of IceArizona owning the team.
Earlier in December, it was reported by some, who had “inside sources”, that the Barroway deal was “falling apart” and that he was backing out from the deal entirely. The NHL disputed those reports, but the rumor didn’t go away. Like most things reported about the Coyotes, the rumors turned out to be false.
The Coyotes will be holding a press conference on Friday to officially introduce Andrew Barroway.