It seems that there is a time that clock is set to run out, and it seems like that is the midpoint of this season. As stated in article, neither the NHL nor the NHLPA have any interest in playing at Mullett beyond the original lease. That lease would end, with the optional year added, after the 2025-26 season. Meaning any new arena would need to be finished around September/October 2026.
At a minimum it will take two full years to physically build any arena, which means Meruelo needs to break ground by September/October 2024. Then you can estimate that he will need 6 months from before they break ground to get the land purchased, financial backing lined up, plus any municipal and/or utilities approvals. That means by around March/April 2024 Meruelo needs to have the plan not just on paper but in actual motion.
However the NHL would likely need to know by around January/February 2024 if they need to discuss any potential sale and relocation of the Coyotes before the 2024-25 season. Otherwise the Coyotes could go into the 2024-25 season as a lame duck in Mullett, which I think is something that no one involved wants. That would likely be a disaster both from a PR perspective and financially. Its taken the BOG four months to approve Andlauer so far and that's just the approval not the negotiation for the sale itself. Not to mention that Andlauer is already an partial owner of the Canadiens and that sale doesn't involve any relocation. They would likely need to have any relocation announced by May 2024 in order to get everything ready to start the 2024-25 season in the new city. Which means that the BOG would likely need to at least privately start vetting any potential new owners and discussing what relocation fees might be by the mid-season date that Bettman and Daly gave.