NHL Commissioner Gary Bettman said in a statement the $170 million deal was backed by the league's Board of Governors, officially ending a four-year struggle in which the NHL tried to find a buyer for the once-bankrupt franchise.
The IceArizona group, headed by Canadian businessmen George Gosbee and Anthony LeBlanc, earlier signed a 15-year deal with the city of Glendale to keep the team at Jobing.com Arena.
"The National Hockey League believes in Arizona as an NHL market and that these new owners can provide the Coyotes the opportunity to secure a stable, long-term future in Glendale," Bettman said.
"The Coyotes are here to stay and we will continue to work hard on and off the ice and have a strong presence in our community," LeBlanc added. "Our ultimate goal is to bring a Stanley Cup championship to our tremendously resilient, passionate and dedicated fan base here in the Valley."
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