The build, I assume you’re talking about the arena construction, was supposed to be completed by fall of 2027. So in time for the 2027-28 season. Which means 3 full seasons at the Mullett after this current one. But apparently there was a lot of push back from the players association about playing at Mullett arena. Reportedly some were even saying that it felt like they “weren’t in the NHL”. (Guess what? You’re going to feel the same at the Delta Center as well).
I suspect the league pushed Meruelo hard to sell to smith for relocation. Meruelo, played hard ball because his goal the entire time was the entertainment district with a sportsbook. Which he gets as owner of a professional sports team in Arizona. The compromise? The 5 year right to refuse clause. Meruelo builds his arena and ED in the same 3 year time frame(arena at least), exercises the clause and reactivates his dormant Coyotes franchise.
This is all just a random thought. Not one I completely believe myself, but a plausible one none the less.
Word is, Alex has to return that 1 billion to buy back the franchise though.