The Coyotes are still in Phoenix because, until this season, someone else was paying the lions' share of the losses. That gave it time to see if an interested party could save the market. The league didn't fold the team because they don't want to fold teams. There's no point when they can relocate it if circumstances dictate. And that is the point we are pretty much at. The owners were fine putting a couple hundred grand each into this, knowing they were going to get it back on the sale and the expansion frenzy created in places like Quebec City. But they aren't going to accept seven figure losses each going forward.
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