I don't see any upside in not letting it get to the auction. Again, why wouldn't they have intervened last year? Why would they get to 80% through the process before pulling the plug? Makes no sense.
Coyotes have released a webpage for the arena proposal:
https://www.nhl.com/coyotes/new-arena/
Edit: I will add ... I suspect (and this is based on what I've heard from someone very familiar with the process) that the league would be opening itself up to some pretty well-founded litigation if they try to interfere with a public auction process that they have already been a part of, barring a complete deterioration on the part of the Coyotes franchise.