The NHL is moving the team now formerly known as the Arizona Coyotes to Utah to begin play as a new franchise next season, the league announced Thursday.

Ryan and Ashley Smith of Smith Entertainment Group bought the team and its existing hockey assets for $1.2 billion from Alex Meruelo, sources told ESPN. Meruelo had owned the Coyotes since buying the franchise for $300 million in 2019, but the league lost patience in his ability to find a long-term arena solution in Arizona and facilitated a sale.