51 percent of the Arizona Coyotes franchise sold to Andrew Barroway

[Azlen]

http://nypost.com/2014/10/02/spurned-islanders-buyer-to-purchase-coyotes-instead/

It's going to take a miracle for that out clause not to be exercised after the 2017-18 season.

 

[puckhead]

http://nypost.com/2014/10/02/spurned-islanders-buyer-to-purchase-coyotes-instead/

It's going to take a miracle for that out clause not to be exercised after the 2017-18 season.

Sounds like he is buying into the ownership group.

Still waiting for some comment by the principals. Don't know whether this is good or bad.

 

[Azlen]

Sounds like he is buying into the ownership group.

Still waiting for some comment by the principals. Don't know whether this is good or bad.

He's buying 51% and the current ownership group will keep 49% so he'll have controlling interest.
I don't know if it will matter either way with that five year escape clause.

 

[Mainstreet]

I'm not a hockey fan in general (never been exposed to it much) but I like the idea of the Coyotes being a part of the valley. It would be a shame to lose them. The future indeed does not look bright if they lost 24 million this past season.

 

[BillsCarnage]

Can we have one season anymore without this crap???

Here's AZcentral's take with Bickley: http://www.azcentral.com/story/spor...of-selling-majority-interest-report/16607589/

If that $24mil loss is true they may not make it after this season.

 

[puckhead]

Can we have one season anymore without this crap???

Here's AZcentral's take with Bickley: http://www.azcentral.com/story/spor...of-selling-majority-interest-report/16607589/

If that $24mil loss is true they may not make it after this season.

A. Even if true, which I don't believe, they would still have to ride it out for the full five years. (four years at this point)

B. They have about the sweetest Arena Management deal ever negotiated. They'd have a real hard time getting that anywhere else and only the biggest hockey markets make real profits.

C. Only a negative Coyotes story would have these kind of legs from an non-sourced article in the Post.

The real story we should be talking about is why the HE double hockey sticks did Domi get sent back down!

 

[Azlen]

Here's an article that puts a very positive spin on the deal.

http://www.foxsports.com/arizona/st...barroway-s-impending-deal-with-coyotes-100314

What's kind of crazy is that Ice Arizona is getting back a huge portion of what they bought the team for in this deal. They purchased the team for $170 million but Barroway is buying the 51% based on the $305 million equity valuation which equates to about $155 million.

Also from the article.
The infusion of capital would allow IceArizona to wipe out its loan from Fortress Investment Group (believed to be $85 million). It's unclear whether that might also eliminate the current out-clause that allowed the Coyotes to leave the Valley if their losses reached or exceeded $50 million in five years, but the out clause was lender driven (for security). IceArizona would still owe part of the $85 million the NHL loaned it.

 

[Scott MS]

My take is that IceArizona bought the Coyotes fairly cheap and they are now taking advantage of the real market value of an NHL franchise.

These guys took a risk, they have stabilized the team to some extent, and now they are going to win financially.

 

[Bert]

I'm sick of this and I'm a coyotes fan, I go to the games. Every season we go through this and we just had our big season of "here to stay" celebrations.. They can leave for all I care. If the team cant make money here, it cant make money here, so just go. Stop going through the same song and dance every season and making promises you know cant be kept.

 

[ArizonaSportsFan]

The sale was unsolicited. The new majority owner (if it goes through) was looking to invest some cash. The group was not going to say no to doubling their investment. No one is leaving - this wasn't a money grab from what I understand. This was a "I want to give you money. Will you take it?" type of thing.

 

[Diamondback Jay]

The sale was unsolicited. The new majority owner (if it goes through) was looking to invest some cash. The group was not going to say no to doubling their investment. No one is leaving - this wasn't a money grab from what I understand. This was a "I want to give you money. Will you take it?" type of thing.

Exactly. The term sale was a tad misleading. This wasn't a "we're gone" sale. It's actually adding to the long term stability of the franchise.

 

[puckhead]

Rumor is that Barroway could be introduced at tomorrow's opener.

 

[puckhead]

Rumor is that Barroway could be introduced at tomorrow's opener.

Rumor squashed. Craig Morgan just tweeted A.B. wants to wait until transaction is complete before introduction.

 

[Brian in Mesa]

Rumor squashed. Craig Morgan just tweeted A.B. wants to wait until transaction is complete before introduction.

Transaction completed.

 

[Brian in Mesa]

Coyotes' Ownership Sells 51% of Team to Andrew Barroway

http://www.hockeyfights.com/news/200675

GLENDALE, ARIZONA --- The Arizona Coyotes announced today an agreement to sell 51 percent of the Arizona Coyotes franchise to Andrew Barroway. The sale and ownership transfer is subject to approval by the NHL's Board of Governors. Once the transaction has been approved and closing has occurred, Barroway will begin to serve as the Coyotes Chairman and Governor.

"This is truly a dream come true for me and my family," said Barroway. "I am extraordinarily grateful for the opportunity of a lifetime and look forward to working and solidifying a strong partnership with the Club's current ownership group.

"As a group we are committed to serving our fans with a new level of excellence and our collective goal is to put a competitive team on the ice every season and, one day, win the Stanley Cup."

 

[puckhead]

Transaction completed.

Coyotes' Ownership Sells 51% of Team to Andrew Barroway

http://www.hockeyfights.com/news/200675

GLENDALE, ARIZONA --- The Arizona Coyotes announced today an agreement to sell 51 percent of the Arizona Coyotes franchise to Andrew Barroway. The sale and ownership transfer is subject to approval by the NHL's Board of Governors. Once the transaction has been approved and closing has occurred, Barroway will begin to serve as the Coyotes Chairman and Governor.

"This is truly a dream come true for me and my family," said Barroway. "I am extraordinarily grateful for the opportunity of a lifetime and look forward to working and solidifying a strong partnership with the Club's current ownership group.

"As a group we are committed to serving our fans with a new level of excellence and our collective goal is to put a competitive team on the ice every season and, one day, win the Stanley Cup."

Still, the Gov's will probably break out the rubber stamp for this one. Guy is likely worth more than the rest of the IA group combined.

 

[Azlen]

It's really too soon to say whether or not this is going to be a good thing for hockey in Arizona. Hopefully he'll pay for a quality roster and the team will be successful and make him some money.

 

[GaryC]

coyotes should have never left for glendale.

 

[GaryC]

the coyotes were actually a rocking team in a great venue for excitement at AWA.

 

[GaryC]

i recall AWA being the loudest arena with Winnipeg's white out.

 

[GaryC]

then Gretzky came on board and changed the jerseys. once that happened it all went down hill. sort of ruined the brand which was part of the coyotes in the valley tradition.

 

[GaryC]

would love to hear what other coyotes fans think

 

[BillsCarnage]

I'm very, very cautiously optimistic with Barroway. IMO, this off season will be quite telling of the future of the Yotes in AZ. If they don't make a splash and bring in some top flight talent and put a contender on the ice, well....

Two summers ago the sale was late in the FA period
Last summer they didn't spend squat since they didn't have the $$.

I don't see any excuse to not put a PO team on the ice next year.

 

[puckhead]

I'm very, very cautiously optimistic with Barroway. IMO, this off season will be quite telling of the future of the Yotes in AZ. If they don't make a splash and bring in some top flight talent and put a contender on the ice, well....

Two summers ago the sale was late in the FA period
Last summer they didn't spend squat since they didn't have the $$.

I don't see any excuse to not put a PO team on the ice next year.

Except that there aren't a ton of game-changing FA's out there this summer. I get what you're saying, but if we're really in it for the long haul in AZ, I don't want to blow our limited resources on a couple of overpaid FA's that likely won't pan out.

We do need to see something happen with regards to our core and some direction and long term commitment to that core.

 

[BillsCarnage]

Except that there aren't a ton of game-changing FA's out there this summer. I get what you're saying, but if we're really in it for the long haul in AZ, I don't want to blow our limited resources on a couple of overpaid FA's that likely won't pan out.

We do need to see something happen with regards to our core and some direction and long term commitment to that core.

They can't keep building though. Seems like they've been doing that way too long. Obviously you don't want to overpay, but they need to be active or aggressive in FA, imo, with the right players.

I don't know... But they can't go another off-season being quiet hoping to catch lighting in a bottle. Show the fans - especially the casual fans - there's a commitment to really improving the team and contending for the PO's again.