The Phoenix Coyotes will no longer fall under league ownership, after they were purchased by conglomerate IceArizona.
The Arizona outfit have been seeking an investor in recent years, and have finally been bought from the league, the NHL announced on Monday.
Commissioner Gary Bettman said of IceArizona: "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.
"We thank Mike Nealy, Don Maloney, Dave Tippett, team captain Shane Doan and all the players and staff for consistently going 'above and beyond' on behalf of the franchise during this long and complex process.
"We thank the Coyotes' devoted fans for their patient, perseverant support. We are extremely pleased that a positive resolution has been achieved for the fans, the city, the Coyotes and the League."
The Coyotes new owners are headed by several businessmen from around North America.
George Gosbee, one of the seniors at the company and now chairman and governor of the Coyotes said of the deal: "We extend our sincere gratitude to NHL Commissioner Gary Bettman and NHL Deputy Commissioner Bill Daly for their hard work and commitment to the Coyotes franchise and our great fans here in Arizona.
"We also thank the City Council members and residents of the City of Glendale for their tremendous support. Finally, to our fans and partners in the Valley, thank you for your continued loyalty, commitment and patience for the Coyotes. The future looks bright for our franchise.
"We are extremely pleased to have finalised the transaction with the NHL and to take ownership of the Coyotes franchise."
Mystery still surrounds whether the team will be located in the near future, however.
A dispute over the lease of their stadium meant a move to Seattle was a very real possibility a short time ago. The dispute was ended when they signed a five year agreement with the city council.
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