Andrew Barroway Article

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Andrew Barroway is an American hedge fund manager. He is the owner of the Arizona Coyotes hockey team in the National Hockey League.

In October 2014, he agreed to purchase the 51% majority share of the Coyotes for $152.5 million, a franchise that was reportedly valued by Coyotes' president Anthony LeBlanc at $305 million. [1] On December 31, 2014, the NHL Board of Governors approved the sale. [2] The team had been previously purchased out of bankruptcy by LeBlanc's group for $170 million in 2013 with substantial concessions by the City of Glendale. The City of Glendale paid subsidies to the NHL when revenue and value failed to meet the required minimums during bankruptcy proceedings. The NHL Board of Governors prevented the city from acquiring an ownership share in the franchise.

In 2015, it was reported that Barroway had missed payments and would be removed from the majority shareholder position. [3] However, in 2016, Barroway reportedly obtained a greater share of the franchise with up to 54% of the shares. [4] In 2017, Barroway then bought out the rest of his IceArizona partners to become the sole shareholder. [5]

References

  1. ^ Corbett, Peter. "Arizona Coyotes reach agreement to make Andrew Barroway majority owner". The Republic. Retrieved October 11, 2014.
  2. ^ "Board of Governors approves sale of majority stake in Coyotes". Retrieved December 31, 2014.
  3. ^ "Andrew Barroway to relinquish role as Coyotes majority owner". Retrieved September 26, 2015.
  4. ^ Ozanian, Mike. "Andrew Barroway Now Owns Fifty-four percent of the Arizona Coyotes". Forbes. Retrieved May 18, 2016.
  5. ^ "Coyotes CEO Anthony LeBlanc, hockey ops chief Gary Drummond step down". ESPN. June 16, 2017.