The NHL Board of Governors is expected to vote on the matter at an upcoming meeting in Las Vegas on June 19. The sale would give Meruelo a substantial majority stake in the Coyotes, with current owner Andrew Barroway retaining a small minority share, Morgan adds.
Meruelo has construction, real estate, and other holdings across the U.S. He put in a bid to buy the NBA's Atlanta Hawks in 2011.
Barroway became the Coyotes' owner in 2015, buying control of the club for $305 million.