Meruelo close to acquiring Coyotes
Deal by billionaire could be OK’d soon, sources say
New ownership for the Coyotes is on the horizon.
Billionaire entrepreneur Alex Meruelo is in advanced stages of purchasing a majority share of the Coyotes, league sources confirmed to The Arizona Re
The possible ownership change, first reported by The Athletic, would need to be approved by the NHL Board of Governors, and Meruelo’s purchase is expected to be on the board’s agenda for its June 19 meeting in Las Vegas, sources said.
If approved, a closing date for Meruelo’s purchase could come at some point this summer.
Still, multiple sources indicated there are several steps that need to occur before the sale can be finalized. Several material issues have been worked out “in the past couple of days,” one league source said, adding that the process has been moving steadily.
It is well-documented that current majority owner Andrew Barroway has
been seeking creative ownership solutions over the past several months. Barroway became the team’s majority owner in 2015 and bought out his partners in 2017 to become sole owner.
Although Meruelo is discussing the purchase of a majority share in the organization, the exact size of the share is unclear. It is expected that Barroway will retain a small minority share.
“What I can confirm right now is that Alex Meruelo is very interested in purchasing the Coyotes,” Coyotes President and CEO Ahron Cohen said in a statement to
“Alex’s track record of strong business success certainly precedes him and makes him a great candidate to help our team build upon the positive momentum we have established over the past year. We will keep all the members of Our Pack updated of important milestones moving forward.”
It is unclear whether Meruelo’s purchase would have any immediate impact on the Coyotes’ search for a new arena in the Valley, but league sources maintained that for the foreseeable future Meruelo’s focus would be on making the team successful in Arizona.
The Coyotes finished with a 39-35-8 record last season and were the last team eliminated from postseason contention. The Coyotes finished the season with the sixth-fewest goals against (223) among all 31 clubs.
Who is Alex Meruelo?
Meruelo, 65, is a son of Cuban immigrants with a history of buying undervalued assets and holding onto them. Should the deal go through, it is believed that Meruelo would be the first and only Latino owner in the NHL. Meruelo could unlock opportunities in a metro Phoenix market that has a Hispanic population of more than 42 percent, according to the U.S. Census Bureau.
Meruelo began his business career working for his father’s tuxedo company before purchasing a failing California pizza restaurant. He rebranded it to cater to Latinos by offering toppings such as chorizo and jalapeños. The chain opened 12 locations and exceeded $10 million in sales within five years of Meruelo’s takeover.
He was also involved in a bid to purchase the Atlanta Hawks in 2011, but the deal did not go through. Meruelo told the that the deal was too highly leveraged and that he was asked to pay more than originally asked.
It appears that the Coyotes would be Meruelo’s first sports-related purchase since his terminated bid to buy the Hawks.
Meruelo is also the founder of Meruelo Group, which as a construction and real estate development firm with a number of other assets, including several in the American Southwest.
The Meruelo Group has no outside investors, which makes Meruelo the sole owner of his various companies.