According to a tweet from Arizona Sports 98.7 FM‘s John Gambadoro of the Burns & Gambo Show, preliminary talks have taken place among the ownership group of the Arizona Coyotes to reduce current majority owner Andrew Barroway’s stake in the franchise.
There has been discussion among Coyotes ownership group to reduce A Barroway's shares in the team but he would stay on as co-owner/Governor
— John Gambadoro (@Gambo987) June 12, 2015
The reduction in Barroway’s shares in the franchise would make him a minority owner.
Barroway became the majority owner, chairman and governor of the Arizona Coyotes on Dec. 31 when he acquired a 51 percent share of the franchise for $152.5 million.
Upon becoming the Coyotes’ majority owner late last year, Barroway stated his pledge to keep the team in the Valley.
“I’m committed to be here,” Barroway said at his introductory press conference in December. “It’s a beautiful place. We have some passionate fans. We can build a winning, long-term organization here and really, really thrive.”
A law graduate of the University of Pennsylvania in 1991, Barroway is the managing partner of Merion Investment Management LP, an event driven hedge fund that currently manages more than $1 billion.