Report: Coyotes owner Barroway sells majority shares
The Arizona Coyotes will have once again changed hands.
According to Sportsnet’s John Shannon, Andrew Barroway has agreed to sell his majority stake of the NHL franchise to billionaire entrepreneur Alex Meruelo. Shannon notes that Barroway will remain a partner in a minority position, but the decision to cede control of the franchise in large part ends his uneven ownership tenure.
The NHL’s Board of Governors is expected to mull over approval of the sale at the meetings in Las Vegas around the NHL Awards, according to Craig Morgan of The Athletic. The official closing could occur later this summer.
Barroway has had battles with the city of Glendale, and backing from the NHL, throughout his efforts to bring stability to one of the league’s underperforming franchises.
League commissioner Gary Bettman has previously stated that the Coyotes require a new arena deal to thrive in Arizona. No word on whether Meruelo will prioritize finding the Coyotes a new home, but he has built his wealth through purchasing and rehabilitating assets in the construction and real estate industries, according to Morgan.
Barroway initially purchased control of the Coyotes for $305 million. It’s unknown how much Meruelo will pay.
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