Hedge fund manager Andrew L. Barroway achieved his lifelong dream: He bought the majority ownership stake of a hockey team.
The National Hockey League approved Mr. Barroway's bid to purchase 51% of the Arizona Coyotes on Dec. 31. Financial terms of the deal were not disclosed.
Mr. Barroway is principal owner and managing partner of event-driven hedge fund manager Merion Investment Management LP, Radnor, Pa. The firm managed $1.2 billion as of Dec. 31.
Professing himself “a huge hockey fan,” Mr. Barroway said in an interview that he and his “whole family are so excited” about his new roles as governor and chairman of the Coyotes organization.
He stressed he will be an active owner, “involved in the major decisions,” but intends to leave management of day-to-day operations and player development to “our great general manager and coaching staff.”
During a Dec. 31 Coyotes news conference, Mr. Barroway vowed to make the team a contender: “I am a competitive person, and I want to ... help build an even stronger organization to help our team win. We are here to win the (Stanley) Cup. It starts with me. We will not rest until we bring a Cup home to Arizona.”