GLENDALE, Ariz. - The Phoenix Coyotes are looking for another buyer.
The NHL team released a statement one day after reports that Chicago businessman Matthew Hulsizer had withdrawn his offer.
"The city of Glendale and the National Hockey League continue to negotiate with other interested parties to secure new ownership for the Phoenix Coyotes," the team said in its release on Tuesday. "The objective continues to be to transition ownership of the club to an interested purchaser in the coming months."
Hulsizer ended his bid for the financially troubled Coyotes after failing to work out a new arena lease with Glendale.
The city recently committed US$25 million for the second year in a row to cover losses and keep the team playing at Jobing.com Arena for the upcoming season.
The withdrawal is the latest twist in a complicated saga that began when former owner Jerry Moyes took the franchise into bankruptcy in May 2009 with a scheme to sell to BlackBerry billionaire Jim Balsillie, who intended to relocate the Coyotes to Hamilton.