Billionaire entrepreneur Alex Meruelo, who owns the SLS Las Vegas on the Strip, was approved to become majority owner of the Arizona Coyotes, NHL commissioner Gary Bettman said Wednesday.
The sale of the franchise is expected to be completed in July. No terms of the deal were disclosed.
The Coyotes haven’t made the playoffs since 2011 and have been on shaky financial footing for years, filing for bankruptcy protection in 2009. They haven’t ranked higher than 28th in the league in attendance since the 2006-07 season and their home at Gila River Arena in Glendale, Arizona, isn’t considered ideal.