Features
Coyotes Sale Could Impact Arena
A hedge fund manager is eyeing the NHL’s Arizona Coyotes and Glendale city officials are unsure what a sale of the majority stake in the team would mean for an arena deal reached last year.
Philadelphia hedge fund manager Andrew Barroway is reportedly in talks to purchase a 51 percent stake in the team, which was sold last year to a group called IceArizona. IceArizona inked a 15-year, $225 million arena deal in summer 2013 with the city and acquired the team for $170 million, according to the Phoenix Business Journal.
The arrangement apparently gave the Coyotes owners a way out if the team lost $50 million over five years. So far the team isn’t doing well, claiming losses of $24 million for last season, the New York Post reported.
The NHL, which purchased the Coyotes out of bankruptcy in 2009, struggled for years to find a suitable buyer before the sale last summer. Barroway at least seems passionate about hockey; he previously attempted to buy both the New Jersey Devils and the New York Islanders, the Post said.