Report: Andrew Barroway in negotiations to buy 51% of the Arizona Coyotes

According to an article in the New York Post on Thursday, the Arizona Coyotes may have a new controlling owner very soon. The Post reports that Andrew Barroway, the man who attempted to buy the New Jersey Devils two years ago and the New York Islanders earlier this year, is in "advanced negotiations" to purchase 51 percent of the Coyotes.

The sale of the troubled franchise, which has been in financial distress even prior to moving from downtown Phoenix to Glendale in 2003-04 after previously relocating from Winnipeg for the 1996-97 season, is expected to be completed within the month.

As part of the deal, Barroway would agree to drop his $10 million lawsuit against Wang in which he alleges that the Islanders' owner reneged on an agreement to sell him the Brooklyn-bound franchise.

The NHL and the Coyotes are yet to publicly comment on the situation.

IceArizona has owned the franchise for a little more than a year, purchasing the team for a reported $170 million in August 2013. The Post reports Barroway would purchase 51 percent of the team based on a $305 million valuation of the franchise.

If that is the case, IceArizona would receive a large infusion of capital while remaining 49 percent owners.

UPDATE: The Coyotes released the following statement on their website:

"In response to media reports today, the Arizona Coyotes can confirm that IceArizona has been in discussions with an unsolicited potential investor who is interested in joining the partnership. This should be viewed as an incredibly positive development and is due to the successful first year of IceArizona's ownership. This is all about the long-term stability and viability of the franchise in Arizona. By no means are any members of the current IceArizona group departing the ownership. While there has been no confirmation of any transaction, this is something that the current ownership group is exploring."