Tag Archives: Arizona Coyotes

Goldwater Institute - Phoenix Coyotes

Arizona Coyotes get new majority owner

An agreement is in place for the Arizona Coyotes to change owners for the second time in 14 months.

The current owners insist selling a majority stake to Andrew Barroway will only strengthen the franchise’s ties to Arizona.

IceArizona agreed Friday to sell a 51 percent stake to Barroway for $155 million, a deal that still must be approved by the NHL’s Board of Governors. If it is, Barroway will replace George Gosbee as the team’s chairman and governor.

“There has never been discussion of moving the franchise (within IceArizona), there has never been discussion of moving the franchise with Andy,” Coyotes President Anthony LeBlanc said Friday night. “This franchise is here in the Valley, it is not going anywhere. I hope people will listen to that and it will stop the nauseating conversation. We are here to stay.”

IceArizona purchased the franchise last year from the NHL, which had been running it since Jerry Moyes took the team into bankruptcy in 2009.

The members of IceArizona had not considered selling a stake in the team despite numerous offers, spending the offseason upgrading the team’s arena and working on a sponsorship and naming-rights agreement with Gila River Casinos.

But when Barroway came calling about two months ago, IceArizona listened and, eventually came up with a deal.

Barroway has been a successful hedge fund manager, serving as the managing partner of Merion Investment Management LP, an event-driven hedge fund that manages more than $1 billion. He previously tried to buy the New Jersey Devils and New York Islanders.

“This is truly a dream come true for me and my family,” Barroway said in a statement. “I am extraordinarily grateful for the opportunity of a lifetime and look forward to working and solidifying a strong partnership with the club’s current ownership group. As a group we are committed to serving our fans with a new level of excellence and our collective goal is to put a competitive team on the ice every season and, one day, win the Stanley Cup.”

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Glendale arena may change to Gila River Arena

Arizona Coyotes Co-Owner, President and CEO Anthony LeBlanc announced today that the Coyotes and Arizona-based Gila River Casinos have agreed to terms on a nine-year partnership agreement that includes the naming rights for Glendale Arena. The agreement is pending approval from Glendale City Council on September 9. If approved, the new name of the venue will be Gila River Arena. Financial terms of the agreement were not disclosed.

“On behalf of the entire Arizona Coyotes organization and Ice Arizona, we are thrilled to partner with Gila River Casinos and the Gila River Indian Community,” said LeBlanc. “Like the Coyotes, the Gila River Indian Community prides themselves on their commitment to business excellence and to their community. Pending Glendale City Council approval, we are looking forward to having Gila River’s prestigious and reputable name associated with our great hockey team and our state-of-the-art arena. This will be a great fit for both the Coyotes and Gila River Casinos.”

“As a long term partner of the Arizona Coyotes, Gila River Casinos and the Gila River Indian Community are delighted to partner with the Arizona Coyotes as a naming partner. On behalf of Gila River Casinos, I would like to thank the Arizona Coyotes and Rosette Law for working so diligently to complete the naming rights agreement. We extend our sincerest gratitude to both organizations for their continued support and partnership,” said Deborah Griffin, President of the Board of Directors for Gila River Casinos. “Gila River Casinos places a great deal of importance on being a good partner in the communities we work and live in, and this partnership provides the perfect opportunity to support long term economic growth and development to the city of Glendale and the state of Arizona.”

This will be the first naming rights deal for Gila River Casinos and the first federally recognized Tribal naming rights deal with a sports venue that houses one of four major professional sports leagues in the country. Under the terms of the agreement, Gila River Casinos will receive the naming rights and associated premier signage on the facility. In a separate transaction, the Coyotes and Gila River will enhance their long time sponsorship relationship with a variety of additional advertising, marketing and merchandising opportunities at the arena.

Owned by the City of Glendale, Gila River Arena is home to the National Hockey League‚s Arizona Coyotes and a multitude of spectacular entertainment events annually. The arena opened on December 26, 2003 (Arizona Sting lacrosse game) and the following night, December 27, the Coyotes hosted the Nashville Predators in front of a standing-room only crowd of 19,052 for the inaugural NHL game at the venue.

Since 2003, the venue has also hosted major acts such as U2, The Rolling Stones, Paul McCartney, Elton John, Prince, Bruce Springsteen, The Eagles, Britney Spears, Usher, Kenny Chesney, Taylor Swift, Justin Bieber, Aerosmith with Lenny Kravitz, Bon Jovi, Madonna, The Red Hot Chili Peppers, Justin Timberlake, Christina Aguilera, John Mayer, Tim McGraw and Faith Hill and many more. Upcoming concerts include Marc Anthony (August 30), Ed Sheeran (August 31) and Katy Perry (September 25).