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Thread: Arizona Coyotes finally sold???

  1. #1
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    Default Arizona Coyotes finally sold???

    It's looking like things are progressing towards that. No word that I can find about restrictions on moving the team or anything like that yet but we will see how this plays out.

    New ownership for the Coyotes is on the horizon.

    Billionaire entrepreneur Alex Meruelo is in advanced stages of purchasing a majority share of the Coyotes, league sources confirmed to The Arizona Republic.

    The possible ownership change, first reported by the website The Athletic, would need to be approved by the NHL Board of Governors, and Meruelo's purchase is expected to be on the board's agenda for their June 19 meeting in Las Vegas, sources said.

    If approved, a closing date for Meruelo's purchase could come at some point this summer.

    Still, multiple sources indicated there are several steps that need to occur before the sale can be finalized. Several material issues have been worked out "in the past couple of days," one league source said, adding that the process has been moving steadily.

    It is well-documented that current majority owner Andrew Barroway has been seeking creative ownership solutions over the past several months. Barroway became the team's majority owner in 2015 and bought out his partners in 2017 to become sole owner.

    Although Meruelo is discussing the purchase of a majority share in the organization, the exact size of the share is unclear. It is expected that Barroway will retain a small minority share.

    "What I can confirm right now is that Alex Meruelo is very interested in purchasing the Coyotes," Coyotes President and CEO Ahron Cohen said in a statement to The Republic. "Alex's track record of strong business success certainly precedes him and makes him a great candidate to help our team build upon the positive momentum we have established over the past year. We will keep all the members of Our Pack updated of important milestones moving forward."
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  2. #2
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    Default Re: Arizona Coyotes finally sold???

    Interesting. You have to think that any prospective owner would want to move the team...

    The question mark lies with the owners and BOG and whether they will let the team move...

  3. #3
    Sudbury, Ontario
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    Default Re: Arizona Coyotes finally sold???

    They've done everything to keep the team there for a long time. Why stop now?

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  4. #4
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    Default Re: Arizona Coyotes finally sold???

    This is nothing but good news. Anyone buying this team has eyes wide open as to what they're getting into.... They renewed a 1yr lease for the 2019/20 season to stay in Glendale.

    The city borrowed about $180 million to build the arena in 2003 and spent another $45 million to try to keep the team in the arena after the owner filed for bankruptcy and new owners were sought. The city then paid the new ownership $15 million to manage the arena in the first few years. The city is still paying off the arena debt, at about $13 million a year, until 2033.

    Recent rumours going back to 2017 the current majority owner Barroway has looked extensively at relocating to Houston and Portland and Kansas City...

    The Suns, Diamondbacks, no one seems happy with their set up in Arizona.. I mean, the city probably pays more for professionals sports teams than any randomly selected markets in basketball, hockey, baseball.

    This just needs to get done once and for all.
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  5. #5
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    Default Re: Arizona Coyotes finally sold???

    The description of the buyer/investor is that he has a keen eye for buying ("low) underappreciated assets.
    This suggests he's not necessarily in any rush to do anything with the team - simply that he knows that the amount he pays will eventually (5yr, 10yr?) translate to a good return on investment (ROI).
    Personally, I think Vinny Viola (FLA owner) did the same thing with that club a few years ago.

    Bettman has created a very stable product with the NHL - there are plenty of cities that WANT a team and will/would pay for it.
    This isn't the 80s any longer - when teams could tank and there wasn't any good prospective options for the future (HFD, QC) because the NHL-brand wasn't expansively popular enough.
    Now, it means no team will ever really be a "LOSS"... because if it came to that, Bettman would allow the owner to sell... or the team to relocate.

    Short summary: New owner simply knows it is a good time to get a deal on a PRO hockey team.

  6. #6
    LawMan's Avatar
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    Default Re: Arizona Coyotes finally sold???

    Now that Seattle has been announced and the league has a start date for a 32 team league I think its a great time to buy a struggling franchise.

    I have long believed that Bettman would not allow any relocations until he got the league to 32 teams because he did not want to take any City off the market and did not want any negative financial news regarding any team. Now that Seattle is official and 32 teams set to exist I suspect we could see up to 3 relocations in short order: Phoenix, Florida and Carolina. Combine the long-term attendance problems, with the arena issues, with the Coyotes set to move to the Central Division in 2021 and I would suspect this new owner has gotten some soft promises he can relocate to Cleveland or Houston within a few years.

    Florida to Quebec City (same Division) also seems to be a long-term plan that makes a lot of sense.
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  7. #7
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    Default Re: Arizona Coyotes finally sold???

    Buying a big 4 sports franchise is essentially a license to print money in this day and age.
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  8. #8
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    Default Re: Arizona Coyotes finally sold???

    Pretty sure the Yotes had the largest percentage rise out of any NHL team last yr. The city will actually show up if the team wins.
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  9. #9
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    Default Re: Arizona Coyotes finally sold???

    I hope this new guy has a few extra zero's at the end of his bank account total

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