Arizona Coyotes Reach Agreement to Make Andrew Barroway Majority Owner

The Arizona Coyotes reached an agreement to sell 51 percent of the franchise to Andrew Barroway. The team made the announcement on Friday via its Twitter account:

While the sale is still subject to approval by the NHL’s Board of Governors, Barroway will immediately begin to serve as the team’s Chairman and Governor upon approval. He commented on the situation, via the team’s official website:

"

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.

"

Christian Petersen/Getty Images

Barroway may not be a familiar name to all hockey fans, but he is the Managing Partner of Merion Investment Management LP, which is a hedge fund that manages more than $1 billion. He graduated from the University of Pennsylvania Law School back in 1991.

Arizona lost its season opener to the Winnipeg Jets, but it is clearly time to turn over a new leaf for the franchise. The transition began back in January when it was announced that the team would change its name from the Phoenix Coyotes to the Arizona Coyotes. The change was made official on June 27 at the 2014 NHL Entry Draft.

Interestingly, Seattle was very close to acquiring the franchise and moving it to the northwest before a 4-3 vote by the Glendale City Council kept the team in Arizona. Had the vote not passed, New York investment banker Ray Bartoszek and his partner Anthony Lanza would have moved the team to Seattle.