I don't know enough about the ownership situation in Arizona to have an opinion on whether that is why their situation is what it is. One thing is clear - they can't continue to play in a 4,500-seat college hockey arena.
The idea was floated about moving them here before the expansion franchise was awarded. Seeing their plight now explains why Bill Foley was only interested in an expansion franchise, not in buying and moving an existing one. He preferred to start fresh rather than inheriting someone else's mistakes.