I think he just doesn't give a **** about the hockey ops side of things, nor does he give a **** about how the business is being run.
His businessman ego is overpowering his hockey ego. Right now, he's sitting on an appreciating asset (the franchise), with the potential to appreciate by a huge amount (new arena). But he's too broke to run it, and is drowning in debt. A some are throwing him low-ball offers, knowing he can't afford to keep the team without going bankrupt.
Basically my interpretation of what's happening(with random made up numbers)....
Laliberte: Hey, I heard you're too broke to run the Sens. I'll give you $400m for it.
Melnyk: Nope, the team is worth atleast $850m, especially with land for the new arena given to me. Take it or leave it.
Laliberte: Bruh, you can't afford to keep the team running, nor can you afford the arena, you have to sell the team or you'll go bankrupt. You might as well take my offer.
Melnyk: Nope, I just need a small loan and I'll right the ship, I can hold on to this team (an appreciating asset) as long as I need to.
**Laliberte does the math, and recognizes that there's no way Melnyk can keep himself and the team afloat, even with a loan, especially with Karlsson, Stone, etc. contracts expiring, and a salary cap of $60M+**
Laliberte: Oh really? I'll call your bluff. Here's $135m, but if you sell the team, you have to offer it to me first.
Melnyk: Perfect. Just watch me....
**Melnyk sells Karlsson, Stone, Duchene, and manages to have a payroll $15m under the cap**
Now we're at a total stalemate. I think Melnyk has proven that he can infact run the team in the short and medium term without going bankrupt. But on the other hand, he failed to build the arena, putting the long term viability of the team under Melnyk at risk. The NCC appears to have fast tracked the land to Devcore "with an open spot for an arena". Both sides are trying to wait eachother out. Devcore has no reason to give in to Melnyk's demands since the longer they wait, the older CTC becomes, and the more leverage they have since they have the obvious location for the new arena. Melnyk has no reason to give in because he can keep the team afloat as long as he wants, and the franchise's value will continue to appreciate.