Gary Bettman's favored suitor for the Phoenix Coyotes bowed out leaving the sale of the club in turmoil. As Matt Coller reported Wednesday, Jerry Reinsdorf had emerged as the preferred buyer of the beleaguered team, due in large part to his successful ownership of both the NBA's Chicago Bulls and MLB's Chicago White Sox.

While the league clearly saw advantages with Reinsdorf's proposal for both the NHL and the Phoenix franchise, questions raised by watchdog groups cast doubts on how beneficial the deal would be for Glendale and Arizona. The deal put forward by the new presumptive frontrunner Ice Edge Holdings is far from complete, but is perceived as more likely to keep the team in Glendale.

ESPN.com's Scott Burnside is reporting that a number of hurdles remain including the guarantee of certain conditions to the league regarding who gets to pay for operating losses in the 2010-2011 season.

Looming in the background are the deep pockets of Canadian billionaire David Thomson who would return the team to Winnipeg. The Coyotes were established in Winnipeg as a WHA franchise in 1972. The team played there until 1996.

Unlike Thomson, whose intent is to relocate the franchise, and Reinsdorf who wanted the option to either flip or move the team after five years, Ice Edge appears committed to remain in Glendale for the remainder of the team's lease with Glendale.

The most daunting obstacle to Ice Edge's proposal will be finding investors to pay the estimated $150 million price tag the league has placed on the team.

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Joe Tetreault is Managing Editor of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He can be contacted here through The Biz of Baseball

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