Report: Coyotes' ownership group selling majority share

Renaissance Sports and Entertainment is in "advanced negotiations" to sell a 51 percent share of the Arizona Coyotes to hedge fund investor Andrew Barroway in a deal that should be completed "within the month," the New York Post is reporting.

Barroway, who is currently suing New York Islanders owner Charles Wang after having believed he reached a deal to buy the Brooklyn-bound franchise, must reportedly drop his pending lawsuit in order to complete the transaction. 

The floundering Coyotes franchise has been treading water since IceArizona - an ownership group under the Renaissance label - re-branded the organization and its arena after assuming control from the NHL last year.

The league declined to comment on the report, which also suggests that NHL officials have been searching for investors to step in over the past few weeks.