Arizona Coyotes owner ICE Arizona sells majority share in team to Andrew Barroway

Arizona Coyotes owners ICE Arizona have announced sale of a majority share in the team to Pennsylvania finance guru Andrew Barroway

According to Craig Morgan of Fox Sports AZ, the Arizona Coyotes have finalized the sale that’s been floating around the web for the past couple of weeks, as Andrew Barroway has purchased a fifty-one percent majority stake in the team.

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The sale, estimated at a valued $305 million in equity, will allow the team to completely wipe out its loan from Fortress Interest Group, permitting the team to access an estimated $100 mill. of NHL credit at a significantly lower interest rate than the Fortress loan. This could infuse as much as $9 million into the team’s revenue on an annual basis, which is nothing but good news for the Arizona team.

The Coyotes were purchased by ICE Arizona just over one full year ago, at an approximated value of $170 million. The team’s owner has confirmed that since the sale, they have received multiple offers to purchase the team for more than the original purchase price- but they are confident that Barroway will work with them to ensure the Coyotes remain in the desert.

The NHL deputy commissioner has confirmed this, reinforcing the insistence that the league has no future plans to relocate the team elsewhere.

ICE Arizona’s lease with the City of Glendale, which requires the city to pay the Coyotes annually for use of the arena in exchange for returned revenue from ticket sales and parking, still has an out clause- should the team lose over $50 million in the first five years under the lease (the team is entering the second year of the lease this season), they city and the team’s owners can opt to move the team elsewhere. The clause is optional, though, and the infusion of revenue from the sale should help the team find some financial relief until it finds permanent financial stability over the long run.

This sale is still pending approval from the NHL Board of Governors.

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