Billionaire Alex Meruelo officially purchases majority stake of Coyotes

Billionaire businessman Alex Meruelo has officially become the majority owner of the Arizona Coyotes, the club announced Monday.

Meruelo, who is the only Hispanic owner in the NHL, purchased a 95 percent stake in the team, according to The Athletic's Craig Morgan. Andrew Barroway, who sold the team to Meruelo, will retain a five percent stake.

"This is an incredible moment for me and my entire family," Meruelo said. "The Arizona Coyotes team is poised to do great things on and off the ice. I look forward to helping hockey continue to thrive in the desert, and I am committed to providing our passionate fans, loyal partners, and the entire State of Arizona with a team they can be proud of for years to come."

Meruelo, a son of Cuban immigrants, got his start in his father's tuxedo business. He has holdings in casino gaming, real estate, construction and engineering, hospitality, television and radio stations, food services, and private equity. He attempted to buy the NBA's Atlanta Hawks in 2011 and had a net worth of $2 billion as of 2018.

Barroway purchased a 51 percent stake of the Coyotes in 2014 and became the sole shareholder in 2017.