Alex Meruelo's majority-stake purchase of the Arizona Coyotes was approved by the NHL's Board of Governors on Wednesday, commissioner Gary Bettman told The Athletic's Craig Morgan.

The sale is not expected to fully close until later this summer.

As of 2018, Meruelo had a net worth of $2 billion. He has real estate, construction, and other holdings across the U.S. He attempted to buy the NBA's Atlanta Hawks in 2011.

Andrew Barroway, who became the majority owner of the franchise in 2015, is expected to retain a minority stake.

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