National Hockey League Hockey Schedule, News, Tickets, Scores, Players, Blogs, Videos, Links and More
More Fan Site Teams:

Barroway completes buyout of Coyotes minority owners

Barroway completes buyout of Coyotes minority owners
Published On: Mon, Jun 12
Apr. 6, 2013; Glendale, AZ, USA; Colorado Avalanche goalie Semyon Varlamov (1) watches as teammate defenseman Jan Hejda (8) blocks the puck from the Phoenix Coyotes center Martin Hanzal (11) in the second period at Jobing.com Arena. The Coyotes defeated the Avalanche 4-0. Mandatory Credit: Jennifer Stewart-USA TODAY Sports

Coyotes majority owner Andrew Barroway has completed his buyout of the teams minority owners, making him the sole owner of the franchise, league sources confirmed Monday morning.

The buyout means all the members of the IceArizona ownership group that purchased the team from the NHL in August 2013 will no longer be with the organization. That list includes co-owner and alternate governor George Gosbee, co-owner, alternate governor and president of hockey operations, Gary Drummond, president and CEO Anthony LeBlanc, co-owners David Duckett, Bill Dutton, Craig Stewart, Scott Saxberg, Robert Gwin and others.

The reorganization is an effort to consolidate and strengthen the ownership and to resolve various disputes among the existing owners, NHL Deputy Commissioner Bill Daly said. We believe this will better position the club to achieve a long-term solution in the Valley.

Barroway had initially considered bringing in additional investors such as Tampa Bay Rays minority owner Randy Frankel, but this buyout was completed through a loan with MGG Investment Group, a specialty finance group focused on direct lending. League sources said Barroway was also able to remove the NHLs portion of the loan through MGG.

When Barroway became the majority owner in 2014, the Coyotes were considered U.S. owned, granting them access to the NHLs credit line (around $100 million) at a low interest rate through Bank of America and Citibank; a move that would have been taxable in Canada. Part of Barroways debt is financed via that credit line; the rest through MGG at a higher interest rate.

Read the complete news article here...


More Featured News

Andrew Cogliano chokes up talking about the end of his iron-man streak
Published On: Tue, Jan 16
An emotional Andrew Cogliano said having his iron-man streak ended by suspension was a tough pill to swallow.Speaking to Fox Sports Kent French prior to the Anaheim Ducks 3-1 loss against the Color...
Ducks' J.T. Brown: Finds home in Anaheim
Published On: Sun, Jan 14
Brown was claimed off waivers by the Ducks on Sunday, Elliotte Friedman of NHL Network reports.Brown was put on waivers by the Lightning on Saturday. He was often a healthy scratch in Tampa, so he'...
Ducks Cogliano to have hearing for hit on Kings Kempe
Published On: Sun, Jan 14
Anaheim Ducks forward Andrew Cogliano will have a hearing with the NHL over an interference penalty he took in the first period of Saturdays game against the Los Angeles Kings.Cogliano was given tw...
Coyotes set high price for Ekman-Larsson, shopping Hjalmarsson
Published On: Sun, Jan 14
The Arizona Coyotes will have a decision to make on defenceman Oliver Ekman-Larsson.There is no shortage of suitors with the National Hockey League trade deadline set for Feb. 26 at 3 p.m. ET, and ...
Ducks' Cogliano suspended 2 games for hit on Kings' Kempe
Published On: Sun, Jan 14
He'd never missed a game, but now he'll sit for two thanks to a high hit on Adrian Kempe.Ducks left winger Andrew Cogliano's iron man streak has ended at 830 games, even though he's in perfect heal...
The trade the Sharks and Coyotes should have made
Published On: Sat, Jan 13
The San Jose Sharks and Arizona Coyotes both had their CBA-mandated bye week this past week, but the Desert Dogs were far busier during their time off.On Thursday, the Coyotes acquired winger Richa...
Ducks sign Andrew Cogliano to 3-year extension
Published On: Fri, Jan 12
The Anaheim Ducks have locked up Andrew Cogliano, formally announcing on Friday that the franchise has signed the forward to a three-year contract extension which will run through the 2020-21 seaso...
Jerseys Hats Shirts Sweatshirts