NHL board of governors approves IceArizona's sale of 51 percent of Coyotes to Andrew Barroway

The NHL board of governors has approved IceArizona's sale of 51 percent of the Arizona Coyotes to Philadelphia hedge fund manager Andrew Barroway.

The NHL announced the decision Wednesday.

In October, IceArizona agreed to sell the majority stake to Barroway for $155 million. Barroway will replace George Gosbee as the team's chairman and governor.

IceArizona bought the money-losing franchise last year from the NHL, which had been running it since Jerry Moyes took the team into bankruptcy in 2009.

Barroway is the managing partner of Merion Investment Management LP, an event-driven hedge fund that manages more than $1 billion. He previously tried to buy the New Jersey Devils and New York Islanders.