New York (HedgeCo.Net) – Hedge fund manager Andrew Barroway has bought a 51% stake in the Arizona Coyotes NHL hockey team. Making him the majority owner of the team.
Approved by the NHL Board of Governors on December 31, 2014, he owns 51% of the team that is valued by Coyotes President Anthony LeBlanc at $305 million. The team was previously purchased out of bankruptcy by LeBlanc’s group for $170 million in 2013 with substantial concessions by the City of Glendale, Arizona.
“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 said in a statement, Reuters reports.
“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.”
The City of Glendale paid subsidies to the NHL when revenue and value didn’t meet minimum amounts during bankruptcy proceedings. NHL owners prevented the city from acquiring an ownership share in the franchise.
“Today is an exciting day for the Arizona Coyotes and our great fans,” said Coyotes Co-Owner, President and CEO Anthony LeBlanc in the same statement. “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!”
