The franchise has been completely mismanaged since about 2000 when the team was sold to a group based around a Phoenix area developer and Gretzky as co-owners. Scottsdale was the preferred location for the team at that point, but that fell through and the arena was eventually built in Glendale. The belief there is that the developer was looking to develop the area around the arena in Glendale which he would not have had the opportunity to do in Scottsdale. Said development never happened and shortly after that ownership group sold the team again to Jerry Moyes. They were bleeding money at that point and the league was in talks with Jerry Reinsdorf to buy the team (no idea on if they were planning on keeping the team in the area or not at that point), however Moyes preferred to sell the team to Blackberry CEO Jim Balsillie, who would have moved the team to Hamilton, and declared bankruptcy to try to facilitate that instead. Bettman and the NHL were having none of that and stripped Moyes of ownership of the team with the courts agreeing with the NHL in the following suit. From there it just was chaos: Reinsdorf again tried to buy the team and had approval from the City of Glendale only for that to fall apart. Another group had essentially completed the process only for that to be cancelled after some lawsuits from the Goldwater Institute. They were actually the team that was initially supposed to move (back) to Winnipeg in 2011 until the situation in Atlanta became untenable and the league shifted the focus for that group to buy the Thrashers instead.
Basically a few years after that shit show resolved itself the team was eventually sold to Alex Meruelo for about 300M, who then promptly started to refuse to pay the lease at the Glendale arena and the team moved into ASU's hockey arena temporarily, which only seats about 5K. There was a vote on some land in Tempe that would have been used for an arena district that was rejected after AM basically spurned some union labor for the job to save money and the mis-information campaign the union put out was successful enough to get the locals to vote it down, that space is still a landfill. That ended up being the last hope for the team and the league came to an agreement with Smith out of SLC to buy the team at what's essentially expansion team prices (1 Billion+). No idea how he ended up jumping Fertitta in Houston in priority for that other than the possibility that Fertitta was trying to nickel and dime the NHL and wasn't about to pay up expansion team prices for the frigin Coyotes. Meruelo is still actively involved in a bid for some land out by Scottsdale with the intention of turning it into an arena district but the league had enough at that point so essentially the Yotes are going "inactive" until that gets sorted out and an arena gets built, which no idea how long that will take. The assumption is that IF he wins that bid and they can get an arena project off the ground then he'll be granted an expansion team Cleveland Browns 2.0 style.