The Coyotes lost their arena twice, then sold for $1.2B and left Arizona

The Coyotes franchise moved from Winnipeg to Arizona in 1996, but never found a permanent home. Owner Alex Meruelo bought the team for $300 million in 2019, and after the city of Glendale pulled out of the arena deal, the Coyotes spent two seasons at Mullett Arena — a 5,000-seat college rink shared with Arizona State University.

The arrangement was unsustainable for the league: players lost money under the 50-50 revenue split with a 5,000-seat venue, and Meruelo missed repeated deadlines to build a new arena. On April 18, 2024 the NHL Board of Governors approved the $1.2 billion sale of the franchise to Ryan and Ashley Smith, owners of the Utah Jazz and Smith Entertainment Group.

Meruelo received $1 billion of the price and kept the Coyotes name, intellectual property and history as an inactive franchise, with a five-year window to build an arena in Arizona and reactivate the team as an expansion club. The other $200 million went to the league's other owners as a relocation fee.

The final Arizona game was a 5-2 win over the Edmonton Oilers on April 17, 2024, played to a sold-out Mullett Arena. The franchise that remains in Utah plays as a new team from the 2024-25 season, with the Coyotes name parked until Meruelo's arena plan lands.