Andrew Barroway was suspended indefinitely by the NHL after a domestic violence arrest.
The Arizona Coyotes co-owner was arrested Thursday night and spent the night in the Pitkin County Jail in Colorado after an incident at an Aspen hotel.
An altercation with his wife turned physical, police said.
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Barroway faces one count of Class 4 felony second-degree assault related to strangulation and one count of third-degree assault, according to a court affidavit.
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Police say he is not allowed to have contact with his wife, unless it is their children, and he has been ordered not to drink alcohol.
The hedge fund manager owns 5% of the team. He is the majority owner of the Greek football club Athens Kallithea FC.
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He had previously been the majority owner of the team, buying 51% in 2014, but sold most of his stake to Alex Meruelo in 2019.
Associated Press contributed to this report.