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(Reuters) - The Arizona Coyotes have a new majority owner after Philadelphia hedge fund manager Andrew Barroway received approval to buy a 51 percent stake in the National Hockey League franchise.
The NHL Board of Governors approved the purchase from IceArizona on Wednesday, which means Barroway can immediately take over as chairman and governor of the team.
"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," Barroway said in a statement.
"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."
The Coyotes are mired in second-last place in the Western Conference this season with 32 points from 36 games.
IceArizona, a group of investors headed by Canadian businessmen George Gosbee and Anthony LeBlanc, purchased the Coyotes last year from the NHL, which had bought the franchise out of bankruptcy in 2009 for $140 million.
Barroway, the managing partner of Merion Investment Management LP, an event-driven hedge fund that manages more than $1 billion, earlier this year tried unsuccessfully to buy the New York Islanders.
Reporting by Andrew Both in Cary, North Carolina; Editing by Mark Lamport-Stokes