For those of you wondering about what the NHL's action of approving Jerry Reinsdorf's bid to purchase the Phoenix Coyotes means, I provide as a simple an answer as possible: NOTHING.
The NHL has no say in this matter anymore. It's all up to the bankruptcy judge. And if the bankruptcy judge doesn't like Reinsdorf's bid, then it doesn't matter a bit what the NHL wants. The judge will consider the bids next week. There is, technically, only one bid for the judge to consider, and that's Reinsdorf's bid which doesn't even involve any money -- it's just Reinsdorf assuming the debts and promising to pay back the creditors at some point. The so-called second bid from another Canadian group was nothing more than a letter of intent to make a financial bid at an unspecified time in the future. The Court was quite clear that the it wanted bids, but it's possible that the judge will also consider this as a bid and take this into account at the auction next week.
It's quite possible -- I really wouldn't rule it out because there's never no telling what will happen in bankruptcy court -- that next week the judge will accept Reinsdorf's bid. But he will accept or reject the bid on the basis of what's actually included in the bid, not on the basis of what the NHL decided on yesterday. The judge has already indicated in the past that he thinks the NHL is full of it, so it's quite possible the NHL decision could harm the chances of the team staying in Phoenix past this upcoming season.
Like I said, it's possible the judge will rule in the NHL's favor and give the team to Jerry Reinsdorf. Personally, I doubt it as bankruptcy judges don't like being bossed around by parties that have no role in the proceedings. But we're not going to no until next week.