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Report- Arizona Coyotes Owner Wants To Sell 49% Of The Team

from Mike Ozanian of Forbes,

Andrew Barroway, the owner of the Arizona Coyotes, is looking to sell 49% of the National Hockey League team at a $500 million valuation, according to multiple sources.

Barroway became the majority owner of the Coyotes in December, 2014 and the sole owner of the hockey team in June, 2017.

The fact that Barroway is now seeking cash for his team is not surprising. When he bought out his partners I wrote: "Barroway's buyout of his partners is the riskiest deal I can recall in recent memory...Barroway and the Coyotes are now leveraged to the hilt. As of now, the Coyotes have $250 million of debt. There is $100 million of NHL credit facility debt and two loans from MGG Investment Group; one for $100 million with about a 10% interest rate and a payment-in-kind loan for $50 million that would be redeemed in six years for $100 million."

continued

Filed in: NHL Teams, d, | KK Hockey | Permalink
 

Comments

Hootinani's avatar

Am I reading it right that hes trying to sell 49% of the team for 500mil?  That cant be right.

Posted by Hootinani from the parade following Babs out of town on 07/17/18 at 12:55 PM ET

Primis's avatar

I spent a lot of time defending them being in Arizona but… it’s now well past time they just move them elsewhere.  It’s not going to actually ever work in the desert.  Hopefully they can run with ASU hockey and the youth hockey that’s there.  Maybe bring back an AHL or ECHL team there.

But NHL just isn’t going to work, and the team is no closer to being competitive on-ice.

Posted by Primis on 07/17/18 at 12:55 PM ET

Avatar

And Turd-Boy will soon make an appearance, snapping his polishing cloth briskly, everything’s great folks, the NHL’s never been in better shape, hey how about that great Vegas story!

Posted by Moose Moss on 07/17/18 at 12:55 PM ET

Wings_in_NYC's avatar

Such a great organization they got there.

Posted by Wings_in_NYC on 07/17/18 at 12:59 PM ET

Avatar

Hoot, I think he’s valuing the franchise as a whole at 500 mil, annnnd he’s hoping someone agrees and gives him 250 mil.

Posted by Moose Moss on 07/17/18 at 01:00 PM ET

Avatar

Houston has an arena ready for them. Seattle is getting an expansion team no question there and they aren’t going to the East. This team is well past the point of no return. We are about to his the 10 year mark since Moyes tried to sell to take them into bankruptcy and sell them to Balsille. I mean come on.

Posted by tmoore4075 on 07/17/18 at 01:53 PM ET

TreKronor's avatar

Just another summer for Arizona…something always comes up for them - selling, relocating, fighting the city, buying out owners…

Posted by TreKronor on 07/17/18 at 02:24 PM ET

mrfluffy's avatar

Don’t fret; the HOF chairman will fix it.

Again.

Posted by mrfluffy from A wide spot on I-90 in Montana on 07/17/18 at 02:36 PM ET

shazam88's avatar

Am I reading it right that hes trying to sell 49% of the team for 500mil?  That cant be right.

Posted by Hootinani from the parade following Babs out of town on 07/17/18 at 12:55 PM ET

I don’t believe so. Typically at least, I would read that to mean that he’s selling 49% based on an overall team valuation of $500 million, meaning $245 million. But who knows. NHL owners are often slightly insane.

Posted by shazam88 from SoCal on 07/17/18 at 02:57 PM ET

Avatar

Arizona/Phoenix: the franchise mostly known for endless, exhaustingly
boring ownership struggles, votes of confidence from the little gnome that could,
with a little irritating local politics on the side.

Also: they will take former player’s current contract.

It’s not the worst roster in the league by a stretch - not anymore.

But practically of one here’s about are non-hockey side of things.

Finally: how long is metro Phoenix going to be inhabitable?
I mean for more than the few who can afford to live comfortably in
a blasted sunscape?

Posted by Lefty30 on 07/18/18 at 01:11 AM ET

ilovehomers's avatar

hahahaha

Posted by ilovehomers on 07/18/18 at 08:57 AM ET

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

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