Hedge Fund Manager Purchases Majority Stake In NHL's Coyotes
The Arizona Coyotes hockey team has been sold to the manager of a billion-dollar hedge fund.
Andrew Barroway says his goal is to put a competitive team on the ice every year.
Barroway will own 51 percent of the Coyotes, assuming the National Hockey League's board of governors approves the transaction.
This is the latest in a series of moves involving the team. The team came to the Valley in 1996 from Winnipeg and has been involved in sales, bankruptcies and rumors for a good portion of the time since.
The NHL took ownership of the team in 2009, and fought several moves to sell or relocate it. The league finally sold the franchise to Ice Arizona Acquisition last year, which oversaw the name change from the Phoenix Coyotes to the Arizona Coyotes.
League commissioner Gary Betteman, who was in the Valley earlier this week, said the transaction stabilizes the team’s future here.