GLENDALE, Ariz. - IceArizona has agreed to sell a majority stake of the Arizona Coyotes to Philadelphia hedge fund manager Andrew Barroway.

The sale and ownership transfer must be approved by the NHL's Board of Governors. If the deal is completed, Barroway will serve as the team's chairman and governor.

IceArizona purchased the Coyotes last year from the NHL, which ran the team for four seasons after Jerry Moyes took it into bankruptcy, The Coyotes said in a statement Friday that Barroway's purchase of a 51 per cent stake in the team will strengthen its long-term future in Arizona.

Barroway, managing partner of Merion Investment Management LP, previously tried to buy the New Jersey Devils and New York Islanders.