Andrew Barroway has bought out the minority owners of the Arizona Coyotes and is now the team's sole owner, according to multiple reports.
Barroway is committed to keeping the Coyotes in Arizona, according to the reports.
That's certainly the league's belief as Barroway takes over.
"The reorganization is an effort to consolidate and strengthen the ownership and to resolve various disputes among the existing owners,'' NHL deputy commissioner Bill Daly said. "We believe this will better position the club to achieve a long-term solution in the Valley.''
The Coyotes have been in a dispute with the city of Glendale over Gila River Arena and are looking for a permanent home in the Phoenix metropolitan area. There has been some thought they could share a new arena with the NBA's Phoenix Suns, who currently play at the 25-year-old Talking Stick Resort Arena in downtown Phoenix.
Barroway bought a controlling interest in team from the IceArizona group of Canadian businessmen in 2014. The Philadelphia hedge fund manager previously attempted to buy the New York Islanders from Charles Wang and filed a lawsuit saying Wang backed out of the deal.
The NHL's board of governors must approve any ownership changes and could do so at its meeting this month.
Canadian TV network Sportsnet was the first to report the transaction.
The Associated Press contributed to this report.