Glendale, AZ (SportsNetwork.com) - The National Hockey League Board of Governors has approved the purchase of a majority stake in the Arizona Coyotes by investment firm manager Andrew Barroway.
Barroway had agreed to buy 51 percent of the struggling franchise from the IceArizona group in October. IceArizona had taken over the Coyotes from the NHL, which rescued the team from bankruptcy in 2009, in August of 2013.
TSN.ca had previously reported the deal to be for $155 million.
"This is truly a dream come true for me and my family," said Barroway. "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."
Barroway, the managing partner of Merion Investment Management, a hedge fund based in the Philadelphia area, will immediately be installed as the Coyotes' chairman and governor.
"Today is an exciting day for the Arizona Coyotes and our great fans," said Coyotes co-owner, president and CEO Anthony LeBlanc. "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!"
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
