Coyotes President & CEO Ahron Cohen called Meruelo's purchase of the team a capstone to what has, thus far, been a momentous off-season. "Mr. Meruelo is a proven winner and his track record of multi-faceted and dynamic business accomplishments makes us well-positioned for continued growth, progress and long-term success here in Arizona. Today marks a major step forward for our organization and our great fans and partners."

The California-based Meruelo Group has roots dating to 1986. Meruelo has built a broad portfolio of businesses in casino gaming, real estate, construction and engineering, hospitality, television and radio stations, food services, and private equity. The son of Cuban immigrants, Meruelo got his start in his father's tuxedo business.

With the transaction, Barroway will retain a minority stake in the team and become an Alternate Governor with the Club. Cohen and John Chayka, President of Hockey Operations and General Manager, will continue as Alternate Governors.

Meruelo thanked Barroway for what he called "invaluable service to the Club."

"Andy deserves credit for stabilizing the franchise and for growing the game of hockey in Arizona," said Meruelo. "I look forward to working with him in the future and want to thank him for his hard work and commitment to the team."

Barroway expressed his excitement for the direction of the franchise moving forward.

"It has been an honor and a privilege serving as the Chairman and Governor of the Coyotes," said Barroway. "I am proud of the work we did to make this organization better, and I am pleased to be passing the torch to someone who will guide this franchise to great days ahead."