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 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

Adam Henrique happy to be playing in Ducks games that matter
Published On: Sat, Mar 24
When a player not only has a major impact as a rookie but tastes playoff success at an early age, it isnt hard to think that will become a regular thing to expect as his career progresses.Adam Henr...
Arizona Coyotes rookie Clayton Keller eyes rookie goals record
Published On: Sat, Mar 24
Coming off a 6-5 loss to the Carolina Hurricanes on Thursday in Raleigh, N.C., the Arizona Coyotes (24-38-11) play the third game of a six-game homestand when they take on the Florida Panthers (37-...
Ed Olczyk announces colon cancer 'gone' following treatment
Published On: Fri, Mar 23
Congratulations are in order for Eddie Olczyk. The Blackhawks and NBC television analyst announced Thursday night his colon cancer was "gone" following chemotherapy and surgery.Olczyk, with play-by...
Red Wings' Mike Green will have surgery, out for season
Published On: Fri, Mar 23
Detroit Red Wings defenseman Mike Green will undergo surgery on his cervical spine and will miss the remainder of the season, the team announced Thursday.Green missed seven games from Feb. 17-28 af...
Ducks captain Ryan Getzlaf out vs. Jets due to flu
Published On: Fri, Mar 23
Anaheim Ducks captain Ryan Getzlaf is out of the lineup for Fridays game against the Winnipeg Jets because of the flu.Getzlaf has 11 goals and 56 points in 49 games.
Flames centre Sean Monahan finished for season, will need surgery
Published On: Fri, Mar 23
Sean Monahan was playing through one injury.Then, he was playing through two.And now that the Calgary Flames have plummeted out of playoff contention, a team source has confirmed to Postmedia that ...
Source: Joni Tuulola signs entry-level contract with Blackhawks
Published On: Thu, Mar 22
Defenseman Joni Tuulola has signed a two-year entry-level contract with the Blackhawks, according to a source.Tuulola, 22, was drafted by the Blackhawks in the sixth round in 2015. He is 6-foot-3, ...
Toews out with upper-body injury for Blackhawks
Published On: Thu, Mar 22
Jonathan Toews will miss a few games with an upper-body injury he sustained against the Colorado Avalanche, Chicago Blackhawks coach Joel Quenneville said Thursday.Toews, who left late in the third...
No Kane, no problem for Panarin in Columbus
Published On: Thu, Mar 22
After the trade that sent Artemi Panarin to Columbus and Brandon Saad back to Chicago, many wondered if Panarin could produce at a high level without Patrick Kane. In hindsight, maybe there should ...
Spezza could miss rest of regular season for Stars
Published On: Thu, Mar 22
Jason Spezza could be out for the remainder of the regular season for the Dallas Stars with a back injury.The 34-year-old forward will be evaluated in two weeks; the regular season ends April 8, an...
Jerseys Hats Shirts Sweatshirts