In May 2009, the owner Jerry Moyes revealed that he intended to sell the team to Jim Balsillie, who would relocate the team to Hamilton, Ontario. This was revealed at about the same time Gary Bettman was scheduled to present an offer to purchase the team.
From May to September 2009 bankruptcy hearings took place to determine the plan for the Coyotes and their owners. Two potential owners that wanted to keep the team in Phoenix appeared Jerry Reinsdorf and Ice Edge Holdings. Neither put a bid in at the hearings. The court ruled that Moyes could not sell to Balsillie as it was against league relocation rules. The NHL settles to purchase the team from Moyes and assume all dept, with the intention to stabilize and quickly sell the team.
After the sale the NHL started negotiation with Ice Edge as well as Reinsdorf.
Ice Edge had signed a letter of Intent to Purchase with the NHL, and now needed to be approved by the NHL board of Governors and work out a lease agreement with the City of Glendale. Reinsdorf worked out a deal with Glendale, but not the NHL. Both investors ran into problems and dropped out by the end of August 2010.
The NHL threatened to move the team to Winnipeg for the 2010-11 season so Glendale decided to pay the losses for they season and keep the team there. The NHL also put a December 2010 deadline on any deal to keep the team in Glendale.
In December 2010 Matthew Hulsizer was approved by the NHL to buy the team and has a deal with Glendale.
As of today the NHL intends to complete this sale, however The Goldwater Institute, a public policy research organization in Arizona, threatens lawsuit because the lease agreement may be against Arizona law.
Referenced. The Winnipeg Free Press, The Arizona Republic, The Globe and Mail, ESPN