Andrew Barroway, a Philadelphia-based hedge fund manager, is reportedly on the verge of purchasing the controlling stake of the recently rebranded Arizona Coyotes.
The New York Post is reporting that Barroway, who attempted to buy the New Jersey Devils a couple of years ago and was also on the verge of buying the New York Islanders just this year before then-owner Charles Wang reneged on the deal - Barroway is currently suing Wang for $10 million as a result - is in "advanced negotiations" to purchase 51% of the franchise.
The Arizona Coyotes, formerly the Phoenix Coyotes, have changed hands several times and been in "financial distress" almost since their inauguration.
The franchise originally relocated from Winnipeg to Glendale, Arizona in 1996, and then again from Glendale to downtown Phoenix in 2003.
IceArizona, which is part of the Renaissance Sports and Entertainment group, purchased the Coyotes from the NHL last year. The NHL took control of the franchise after it went bankrupt in 2009.
The franchise is not a particularly attractive option at the moment, supposedly claiming losses of $24 million from last season and the NHL seeking investors for weeks now.
The NHL originally paid $140 million to get the team out of bankruptcy and Barroway is purchasing 51% based on a $305 million valuation of the franchise.
As part of the deal, Barroway would drop his lawsuit against Wang. IceArizona would maintain a 49% stake in the team.
The sale is expected to be completed within the month.
