NHL finalizes 51 percent sale of Coyotes to Andrew Barroway
GLENDALE, Ariz. -- The National Hockey League and the Coyotes announced that the long-awaited agreement for IceArizona to sell 51 percent of the franchise to Andrew Barroway was finalized by the league's Board of Governors through a vote on Wednesday. Barroway will serve as the Coyotes Chairman and Governor, effective immediately. He replaces George Gosbee in those roles.
"This is truly a dream come true for me and my family," Barroway said in a statement from the team. "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."
Gosbee previously said that when Barroway takes over, he and the current members of IceArizona will combine to directly infuse $30 million back into the team, with as much as $9 million going directly to payroll. If true, that could make the Coyotes more significant players during free agency this offseason, although this summer's free-agent class is not considered strong. Barroway's arrival could also give GM Don Maloney more immediate guidance as he looks to retool the roster after a disappointing start to the season.
"This is a very positive step for the Coyotes," NHL Commissioner Gary Bettman told FOX Sports Arizona. "It is consistent with and supportive of our view with respect to the long-term success of the Coyotes in Arizona. (It means more) resources from someone who believes in the market and another committed partner."
The Coyotes will hold a press conference on Friday at 1 p.m. to introduce Barroway locally. He has remained out of the spotlight since word of the deal first broke in early October in an attempt to respect the process, but Gosbee said the move makes the team more stable.
"Our job was to ensure that the Coyotes become financially sound in Arizona. That's why we were brought here," Gosbee said. "That's what we're doing and we will continue to work hard on ensuring it going forward."
Barroway is the Managing Partner of Merion Investment Management LP, an event-driven hedge fund that manages more than $1 billion. Merion was founded in January 2009. Barroway graduated from the University of Pennsylvania Law School in 1991.
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