(CNN)The Arizona Coyotes has a new owner -- and the National Hockey League has its first Hispanic majority owner in league history -- after Alex Meruelo purchased a controlling interest in the team.
The NHL now has its first Hispanic majority owner
Meruelo, 55, purchased the controlling stake from Andrew Barroway, the team said in a statement. It makes him the new majority owner, chairman and governor of the Coyotes.
Barroway will remain on as alternate governor with the team, as he retains a minority stake in the Coyotes. Barroway originally purchased a controlling interest in the team in 2014.
"This is an incredible moment for me and my entire family," Meruelo said in the team's statement. "The Arizona Coyotes team is poised to do great things on and off the ice. I look forward to helping hockey continue to thrive in the desert, and I am committed to providing our passionate fans, loyal partners and the entire State of Arizona with a team they can be proud of for years to come."
"Andy deserves credit for stabilizing the franchise and for growing the game of hockey in Arizona. I look forward to working with him in the future and want to thank him for his hard work and commitment to the team."