Breaking: Major move by Coyotes ownership puts future in Arizona in doubt

According to a report from David Pagnotta of The Fourth Period, Arizona Coyotes owner Andrew Barroway is finalizing a deal to sell at least part of his ownership stake in the team. How this affects the team’s future and its negotiations with the city of Phoenix to fund and build a new arena is still up in the air.

Major development with Coyotes ownership puts future in Arizona in doubt

Breaking: Arizona Coyotes owner Andrew Barroway is in the process of selling the franchise. Plan is to keep the team in the Phoenix area. 

Check out these quotes from Pagnotta’s report:

As the Arizona Coyotes continue their efforts of finding a new long-term home in the Phoenix area, work has been going on behind-the-scenes for months with respect to a change in the franchise’s ownership structure.

According to multiple league sources, Coyotes owner Andrew Barroway is close to finalizing a deal with at least one interested party. I’m told by one specific source they are still in the “due diligence phase” with that party, and it’s unclear if any additional investors will be part of the equation.

It’s also unclear if Barroway will remain with the club in some capacity, either in a majority or minority role, though one league executive believes at best he’ll stay on as a minority owner.

Barroway took over as majority owner in 2014 and has been attempting to sell 49% of his ownership stake for at least half a year. In July, Forbes reported that Barroway was seeking $500 million for 49% of his team, partly to help cover the $250 million debt that the team currently carries.

With the team bleeding money and with Barroway apparently seeking a way out, things aren’t looking good for the future of the Coyotes in Arizona. Then again… haven’t we all seen this movie before? It seems like every five years or so the Coyotes get to the brink of relocation, only to be saved by the good graces of the NHL and commissioner Gary Bettman. It may sound cruel but… can we just move this team to a market that actually makes sense for once? You don’t hear many Atlanta Thrashers fans bemoaning the loss of their franchise. Meanwhile, the Winnipeg Jets have been on solid ground since landing in Winnipeg in 2011. Surely a market like Quebec City or Houston, Texas would be interested in a team like the Coyotes. Of course this is assuming that Seattle gets an expansion franchise, as well.