Coyotes sell 51% stake in team to Barroway
Phoenix Coyotes fans cheer on their team in the final seconds against the Nashville Predators during Game 5 of the NHL Western Conference semi-final hockey playoffs in Glendale, Arizona, in this May 7, 2012 file photo. (REUTERS)
The sale of a 51 percent stake in the Arizona Coyotes to Andrew Barroway was announced by the team on Friday.
The sale and ownership transfer are subject to approval by the NHL’s Board of Governors.
“This is truly a dream come true for me and my family,” Barroway said . “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 will serve as the Coyotes Chairman and Governor after the sale is approved and closes.
“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,“ Barroway said.
Barroway is the Managing Partner of Merion Investment Management LP, an event driven hedge fund. Prior to that, he was a partner at Barroway, Topaz, Kessler, Meltzer & Check LLP, the second largest securities class action firm in the country.
“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.”