New York investor Andrew Barroway agrees to purchase majority stake in Arizona Coyotes

IceArizona, the group that currently owns and operates the Arizona Coyotes, has agreed to sell a majority stake in the club to New York-based lawyer and hedge fund manager Andrew Barroway, the club announced Friday:

The agreement is still subject to approval by the NHL's board of governors, but considering the various ownership-related challenges the Coyotes have faced in recent years, that is likely a mere formality.

"This is truly a dream come true for me and my family," Barroway, who has attempted to purchase the New Jersey Devils and New York Islanders in recent years, said in a team release. "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.

"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."

IceArizona CEO Anthony LeBlanc was also quoted in the release, going to great lengths to ensure Coyotes fans that the agreement with Barroway will help ensure that the club remains in Glendale, Ariz., for the foreseeable future.

"Today is an exciting day for the Arizona Coyotes and our great fans," LeBlanc said. "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!"