It isn't even a technicality. They are literally a new franchise the same way Vegas and Seattle were.
1. Coyotes franchise sold to the NHL, but part of the deal is the owners retain all IP for 5 years.
2. NHL now owns all assets outside of the IP, such as employees, hardware, etc.
3. NHL does an expansion deal with Utah, but part of the deal included all the non-IP assets of the Coyotes.
On another note, IDK if I can stand another 30 threads on the main board about Demidov after going through it with Hutson this season...
I wanted Demidov so bad at the draft and now all I want is for him to bust just because I don't want to hear Canadien fans.