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It appears that the ownership group thought most likely to buy the Phoenix Coyotes has hit a snag.

In December, the Ice Edge group headed by Daryl Jones had reached an agreement with the NHL to buy the bankrupt franchise. All that was left was to dot the i's and cross the t's — or so it seemed.

In reality, the group of American and Canadian investors involved in Ice Edge is having trouble generating the cash — about $140-160 million US — to purchase the Coyotes as planned, Hockey Night in Canada contributor Pierre LeBrun told the Hotstove segment Saturday night.

There is also the issue of a lease with arena in Glendale, Ariz. Ice Edge officials are hoping to get a more favourable lease, in order to help finance the purchase of the Coyotes franchise.

While the Ice Edge group struggles to get everything in order, it now appears that Chicago White Sox owner Jerry Reinsdorf has re-entered the mix as a potential front-runner to buy the NHL franchise, LeBrun said.

It's a strange twist to the story, since Reinsdorf issued a statement in August 2009 saying he was pulling out as a potential buyer.

"If they don't figure this out by mid-May, maybe we're talking relocation," LeBrun said.