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Alex Meruelo is officially majority owner of the Arizona Coyotes

It’s official, the Arizona Coyotes have a new majority owner.

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Alex Meruelo Press Conference Photo by Scott Cunningham/NBAE via Getty Images

After months of rumors it is finally official, the Arizona Coyotes have a new owner.

With new owner Alex Meruelo the Coyotes seem to finally have the financial security that they have been lacking since moving to the Valley.

Although the team’s internal budget isn’t known, Meruelo has deep pockets and the expectation that the team will have a bigger budget has already lead to Arizona making moves. Although it can’t be confirmed, it seems unlikely that the team would have brought in Phil Kessel and the $19 million he will be making over the next three seasons without having increased their internal budget.

At this point it’s still far to early to know what kind of owner Meruelo will be like. In the lead up to buying a majority stake in the team he has largely stayed out of the media, and it wasn't widely known who planned on buying the team until June of this past year.

The team is holding a press conference at 1 p.m. on Thursday to introduce the new majority owner to the media and fans.