PHOENIX — The controlling stake of the Arizona Coyotes has been sold to a Philadelphia hedge fund manager.
BREAKING: #Coyotes announce agreement to sell 51 percent of the Arizona Coyotes franchise to Andrew Barroway.
— Arizona Coyotes (@ArizonaCoyotes) October 10, 2014
The Desert Dogs were purchased by IceArizona, a group of primarily Canadian businessmen, last summer.
The New York Post said Barroway wanted to purchase 51 percent of the team, valued at $305 million, which would be a significant jump over last season’s full purchase price of $170 million. IceArizona said it would retain 49 percent control of the team and the deal is good news for both the team and its future in the Valley.
Though details of the deal are foggy, even to the players and coaches on the team, IceArizona has maintained this does not mean the team’s future in Arizona is in doubt. In fact, NHL commissioner Gary Bettman said this is “all good news” for the franchise.
The Associated Press contributed to this report.