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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...


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