Arizona Coyotes find new owner

AFP
Martin Hanzal of the Arizona Coyotes skates out onto the ice before the NHL game against the Winnipeg Jets on October 9, 2014 in Glendale, Arizona (AFP Photo/Christian Petersen)

Martin Hanzal of the Arizona Coyotes skates out onto the ice before the NHL game against the Winnipeg Jets on October 9, 2014 in Glendale, Arizona

Martin Hanzal of the Arizona Coyotes skates out onto the ice before the NHL game against the Winnipeg Jets on October 9, 2014 in Glendale, Arizona (AFP Photo/Christian Petersen)

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).

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Barroway attempted to buy the New Jersey Devils two years ago and the New York Islanders earlier this year but neither time could strike a deal.

"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.

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