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NHL approves Andrew Barroway as majority owner of Arizona Coyotes

On Wednesday, Andrew Barroway seized a majority stake of the Arizona Coyotes, finalizing a move that has been in motion since October.

Barroway’s 51 percent ownership stake was approved by the NHL Board of Governors, according to a release, and he will immediately serve as the Chairman and Governor of the Coyotes.

Barroway, managing partner of a Philadelphia-based hedge fund firm — Merion Investment Management LP — sounded thrilled by the new venture.

“This is truly a dream come true for me and my family,” said Barroway. “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.”

Coyotes co-owner, president and CEO, Anthony LeBlanc, whose IceArizona group bought the team in 2013, was also pleased with the addition.

“Today is an exciting day for the Arizona Coyotes and our great fans,” said Coyotes Co-Owner, President and CEO Anthony LeBlanc. “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!”

Barroway previously made runs at ownership of the New York Islanders and New Jersey Devils.