GLENDALE, Ariz. - The NHL board of governors has approved Andrew Barroway's purchase of a majority stake in the Arizona Coyotes.

Under the agreement approved Wednesday, IceArizona will sell 51 per cent of the franchise to Barroway, a hedge fund manager who once tried to buy the New York Islanders and New Jersey Devils.

The team said in a release that Barroway will serve as the Coyotes' chairman and governor effective immediately.

IceArizona's Anthony LeBlanc and George Gosbee will remain as co-owners of the team. LeBlanc will also continue as the team's president and CEO.