By Craig Morgan | The Athletic
Billionaire entrepreneur Alex Meruelo is in the advanced stages of purchasing a majority share of the Arizona Coyotes, league sources confirmed. If approved by a vote of the NHL Board of Governors, the sale would transfer a substantial majority stake in the team (percentage unknown) to Meruelo, with current owner Andrew Barroway retaining a small minority share.
With the two sides having ironed out several key material issues in the past two weeks, the vote is expected to be on the agenda at the NHL Board of Governors meeting on June 19 in Las Vegas, site of the annual NHL Awards show. Even if the Board of Governors approves the sale, however, a closing date may not come until later this summer.
It is unclear how the organization’s desire for a new arena fits into the ongoing talks. NHL commissioner Gary Bettman is on record as having said the team must have a new arena to survive in Arizona, but it’s unclear whether that attitude has changed. Gila River Arena’s Glendale location is not ideal because the vast majority of Coyotes season ticket holders and premium season ticket holders live on the east side of town, but league sources said that for the foreseeable future, Meruelo’s focus would be on making the team successful in Arizona.
