Andrew Barroway is selling some of his shares of the Arizona Coyotes to IceArizona, taking a lesser role after serving ever so briefly as the team’s majority owner, according to Fox Sports Arizona.
That report indicates that Barroway isn’t stepping away altogether, as he’s still expected to hold more shares than any individual (he merely won’t maintain a controlling interest). This marks a short run for him as majority owner, as he had 51 percent of the team’s shares beginning on Dec. 31, 2014.
Fox Sports Arizona explains some of the reasoning behind the anticipated change:
A philosophical difference in the financial direction of the team has led IceArizona to buy back some of Barroway’s shares. The process has been in the works since the end of last season and should be completed soon, perhaps as soon as this week. Barroway is expected to own more shares than any other member and retain his title as governor, but he will not have controlling interest.
It’s unclear how this may affect the franchise’s considerable rift with the City of Glendale, not to mention plenty of other factors. On the bright side, the alteration isn’t expected to cause any (additional?) problems regarding the team’s free-agent budget this summer.
All that said, it seems like yet another bump in a road that has been ravaged with potholes for many years.
Update:
Coyotes confirm it:
#Coyotes' LeBlanc says in statement: "The owners of IceArizona have been in discussions to restructure their relative holdings."
— Sarah McLellan (@sarah__mclellan) June 16, 2015
More from LeBlanc: "Upon completion of an agreement, Andrew Barroway will remain the largest shareholder and Governor of the Arizona Coyotes
— Sarah McLellan (@sarah__mclellan) June 16, 2015
According to Sportsnet’s Elliotte Friedman, “Do not be surprised if Gary Drummond, a current co-owner and director, becomes a major voice in the organization.”