GLENDALE, AZ (3TV/CBS5) -- The sale of the Arizona Coyotes is now official. The Coyotes announced Monday that businessman Alex Meruelo has purchased the controlling interest in the team from Andrew Barroway.
The closing of the transaction makes Meruelo, 55, the new Majority Owner, Chairman and Governor of the Coyotes and the only Hispanic controlling owner of a National Hockey League club.
The Coyotes are planning a 1 p.m. news conference Thursday to formally introduce Merulo.
"This is an incredible moment for me and my entire family," said Meruelo. "The Arizona Coyotes team is poised to do great things on and off the ice. I look forward to helping hockey continue to thrive in the desert, and I am committed to providing our passionate fans, loyal partners and the entire State of Arizona with a team they can be proud of for years to come."
"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," said Coyotes President & CEO Ahron Cohen. "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.