Andrew Barroway is now sole owner of the Coyotes, a move the NHL hopes will help them secure a long-term foothold in Arizona.
Barroway bought out the Coyotes' minority owners, according to a person with direct knowledge of the transaction who spoke to The Associated Press on condition of anonymity Monday because the deal has not been announced. Amid continued questions about the Coyotes' arena situation, the person said Barroway is committed to keeping the Coyotes in the area.
That's certainly the league's belief as Barroway takes over.
"The reorganization is an effort to consolidate and strengthen the ownership and to resolve various disputes among the existing owners," NHL Deputy Commissioner Bill Daly said. "We believe this will better position the club to achieve a long-term solution in the Valley."
The Coyotes have been in a dispute with the city of Glendale over Gila River Arena and are looking for a permanent home in the Phoenix metropolitan area. There has been some thought they could share a new arena with the NBA's Phoenix Suns, who currently play at the 25-year-old Talking Stick Resort Arena in downtown Phoenix.
Barroway bought a controlling interest in the team from the IceArizona group of Canadian businessmen in 2014. That group, led by CEO Anthony LeBlanc, president of hockey operations Gary Drummond and George Gosbee, bought the Coyotes in 2013.
Barroway, a Philadelphia hedge fund manager, previously attempted to buy the New York Islanders from Charles Wang and filed a lawsuit saying Wang backed out of the deal. He dropped the lawsuit and joined the Coyotes' ownership group.
The NHL's board of governors must approve any ownership changes and could do so at its meeting later this month.
Canadian TV network Sportsnet was the first to report the transaction.