Phoenix (AFP) - The Arizona Coyotes will have a new owner after Andrew Barroway, an investment firm manager, struck a deal to buy a majority interest in the National Hockey League team.
IceArizona, which bought the once-bankrupt club from the NHL in August of last year, announced early Saturday it was selling 51 percent of the team to Barroway and retaining a minority stake.
Canada's TSN sports network reported the deal was worth $155 million (122 million euros).
"This is truly a dream come true," Barroway said. "I'm extraordinarily grateful for the opportunity of a lifetime.
"Our collective goal is to put a competitive team on the ice every season and one day win the Stanley Cup."
Barroway, whose purchase must still be approved by NHL team owners, takes over a team that reportedly has an out clause in its lease that would allow the Coyotes to relocate if they lose $50 million over a five-year span ending in 2018.
The Coyotes deny reports they lost $24 million last season, but such talk has sparked reports they are a candidate to relocate to Las Vegas, where a new arena is under construction.