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Considering the effect of the conclusions set forth above, the court does not think that the unresolved issues can be resolved, assuming that they can be favorably resolved by the Debtors and [Balsillie], prior to the June 29th deadline. Simply put, the court does not think there is sufficient time (14 days) for all of these issues to be fairly presented to the court given that deadline. In making that statement, the court recognizes the diligent efforts and hard work by all parties and their attorneys, including all attorneys' professionalism under trying circumstances, in presenting their respective positions to the court regarding the Motion. Thus the Motion is denied, without prejudice.

— Judge Redfield Tomlinson Baum

There'll be a lot of ink spilt the next few days mulling over this particular ruling, but I'm not sure that it radically alters anything when it comes to this team's fate. No one realistically expected a shotgun relocation proceeding to go through, nor should they have thought Jim Balsillie would walk away had his (unreasonable) timetable been cast aside.

Really, we're looking at three possible outcomes, the same ones we started with:

1. Jim Balsillie somehow wins the right in court to own the team and relocate the franchise, likely for the 2010-11 season. There are many, many hurdles involved in this scenario, but it remains in play given we've yet to have other bids tabled.
   
   
2. The NHL finds an owner or owners who want to operate the franchise in Phoenix for the long term. The only way this can happen is if the City of Glendale makes that option more appealing by heavily subsidizing the team beyond what it does already (something that may not prove possible for a council already cash strapped and in an area where the majority of residents do not support the team). Without a guarantee that this team will lose less money than it has to this point, the Coyotes have zero chance of finding a local owner at any price.
   
   
3. The NHL finds an owner or owners who will own the team in Phoenix for the short term with the potential of relocating the franchise should it continue to struggle. The interesting bit about this scenario, however, is that it, too, is going to require some subsidies from the city to make it more palatable for a buyer even for a brief period. If the team's financial performance improves as a result, I wonder just what sort of legal fuss Glendale would kick up if the league attempts to then relocate the team even as its fiscal health appears on the mend.
   

One lawyer who reads this site regularly said that the "without prejudice" bit at the end of Baum's decision is an important piece of the puzzle, one that "generally means the original filer can, in certain conditions, 'cure' the problem filing and refile." He speculates that Jerry Moyes may "refile with an amended purchase agreement that does not have such an accelerated time frame," and if so, we're essentially looking at the same issues as previously but without the possibility of the team playing anywhere but Phoenix this fall.

I've talked about this previously, but based on conversations I've had with several hockey fans in Phoenix, it's clear that this entire ordeal has damaged the team's already dire situation considerably. One Coyotes fan I've known for a few years said he's essentially lost hope that the team can be profitable and healthy in the future and that mismanagement has doomed the club to relocation at some point.

There are many fans keeping the faith, but others simply aren't, and the massive $40-million losses of this past season — when the team was competitive and the attendance as yet unaffected by this news — could easily be surpassed if ticket sales continue to be as bad as they are on pace to be.

The NHL may have won this brief skirmish with Balsillie, but the real fight is to make this franchise profitable and worth owning — for anyone — and there's an incredibly long way to go on that front. I frankly don't have a clue how they'll do it.

For three more great takes on this, check out Dirk Hoag, Tyler Dellow and Greg Wyshynski.