An "insider" I am familiar with from this website and inclined to believe set out the situation
here. The bottom line is that pandemic-related inflation and interest rate hikes meant Fettes and Cockell would have had to come up with $21,000,000 instead of $13,000,000 as planned, and sent carrying costs from the anticipated $650,000 pa to $3,200,000. That ended up killing the plan.
Interestingly the writer noted that Fettes and Cockell were prepared to expand the U of M arena (mainly team facilities but also some seating) to continue using it on an interim basis. That to me was very indicative of their good faith in the matter. The WHL could have accepted the offer at no cost to them and maintained a presence in one of the league's largest markets. Instead they ran off to Wenatchee at the first opportunity. Because they know they can't strong-arm towns like Moose Jaw and Prince Albert into building expensive new barns if every team isn't forced to play along.